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OTS Scheme for loan defaulters in a month: Govind

Ponda: In an attempt to support co-operative banks as well as their customers across the state, the government has decided to launch One-Time Settlement (OTS) Scheme for the loan defaulters, who will get 6 months’ time to settle their loans with these banks, announced Co-operation Minister Govind Gaude on Thursday.

Gaude was speaking as the guest at the inauguration of 66th Cooperative Week Celebration at Sahakar Bhavan, Curti-Ponda.

Chief Minister Pramod Sawant, Ponda MLA Ravi Naik, registrar of Cooperative Societies Menino D’Souza, PMC chairperson Venkatesh Naik and others were present.

Speaking further about the scheme, Gaude said that the co-operative banks as well as its customers are suffering due to the bad loans that have turned into NPAs and to ease the situation, the state government has decided to launch OTS Scheme wherein customers will get an offer to settle the loans with government support.

“The scheme will be launched within 1 month’s time, and customers will get 6 months’ time from the date of its launching to settle their loans,” he said, and added that the government has drafted special rules for the OTS Scheme, so that the people don’t misuse it.  

Gaude said that “the managements are responsible for the financial condition of the co-operative banks. Many directors are acting negligently, and giving loans fraudulently or taking it for themselves by illegal practices.”

“We have found many such cases and taking note of it, the department has decided to file criminal cases against such directors or people from the management,” Gaude informed. Speaking on this occasion, Chief Minister Pramod Sawant said, “Co-operative movement in the state has restricted itself to only banking sector. There is an urgent need that this movement is linked to similar other sectors, so that along with the co-operative sector those fields too will grow and progress to a great extent.”  

Sawant also laid emphasis on the involvement of youth and women in the co-operative sector to a large extent, with an aim of creating a new India through co-operative movement.

Speaking on the occasion, Ponda MLA Ravi Naik said, “There is a lot of scope in the co-operative sector, and the people should invest their money in this sector. Only concern for the people is some fraud agencies or co-operative banks that operate in state and lure the people with exclusive schemes. And, later they flee with the money. Such societies need to be identified and punished by the government.”

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