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SBI launches OTS scheme for defaulters

Excelsior  Correspondent

JAMMU, Jan 27: After grand success of National Lok Adalat scheme, the State Bank of India has come out with an OTS scheme for small borrowers and defualters with outstanding loan of Rs 5 lakh.
As per the scheme, no interest will be charged after the account has become NPA where outstanding are less than Rs 5 lakh as on November 30, 2013 and loan sanctioned limit is also not more than Rs 5 lakh.
In addition to interest rebate, additional rebate of 10 percent and 15 percent on principal outstanding will be given for the NPA loans from November 30, 2010 and November 30, 2008, respectively.
This was announced by Pradip Ray, Deputy General Manager (B&O), J&K Module, while talking to media persons, here today.
“All such expenses incurred by the bank but not debited to the account, will be debited to the outstanding for the purpose of One Time Settlement (OTS),” he said.
Listing the payment modalities, he explained that 10 percent of outstanding upfront money needs to be deposited at the time of application, 20 percent of settled amount  within 15 days of sanction, 20 percent more within 30 days of sanction and remaining 50 percent with 60 days from the date of sanction of settlement.
“No further interest will be charged on amount recovered with 30 days from the date of settlement and simple interest will be charged for dues paid after this,” Mr Ray said adding that the borrowers who have offer for settlement in any other One Time Settlement Scheme in the past or prior to this scheme, will not be eligible for this new scheme.
Informing that last date for receipt of application from the borrowers for this scheme is March 15, 2014, Mr Ray also disclosed that the last date to clear liabilities under National Lok Adalat scheme has been extended upto March 30, 2014.

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