Shimla: Himachal Pradesh Chief Minister Thakur Sukhvinder Singh Sukhu has directed the State Cooperative Bank to establish a One Time Settlement (OTS) policy, aimed at providing relief to farmers, horticulturists, and other borrowers associated with the bank.
In a meeting with the bank's Chairman Devender Shyam and Managing Director Shravan Manta at Oak Over today, the Chief Minister emphasized collaboration with NABARD and the Reserve Bank of India to formulate a comprehensive OTS policy.
This initiative seeks to enable borrowers to settle their outstanding dues at discounted rates, avoiding legal actions and enhancing their credit scores.
The Chief Minister highlighted the potential benefits for the bank, including improved financial health through the recovery of non-performing assets and reduction of long-pending debts.
Similar directives will be issued to Kangra Central Cooperative Bank and Jogindra Central Cooperative Bank to implement OTS policies in the interest of their consumers.
