TEAM HERALD
PANJIM: The state-level bankers’ meeting held Tuesday failed to reach any decision on the government-recommended one-time settlement (OTS) scheme.
Besides, the State Bank of India which has cleared the OTS scheme, the other nationalised bank lenders, that include Lokmanya Cooperative Society, Syndicate Bank, Bank of India, IndusInd Bank and Canara Bank, have submitted their OTS which are still to be vetted and cleared, government officials are hopeful this will happen by March 31. Cooperative banks are waiting for directions from the Reserve Bank of India.
The OTS will give some relief to the borrowers and financial institutions and to settle the long-pending bad debt of those in financial problems due to the halt of mining in the State.
The scrutiny committee of the State’s Economic Development Corporation (EDC) had recently recommended to the government that it should go ahead with the OTS offered by SBI. The bank has proposed 30 percent waiver on principle loan amount to the truck owners and 40 percent to the barge owners.
