Sukhu directs HP State Coop Bank to formulate One Time Settlement policy for growers and farmers

Chief Minister Thakur Sukhvinder Singh Sukhu directed the Himachal Pradesh State Cooperative Bank to formulate a One Time Settlement (OTS) policy to facilitate its customers. In a meeting held at Oak Over today with the bank’s Chairman Devender Shyam and Managing Director Shravan Manta, the Chief Minister instructed the Bank to work together with NABARD and the Reserve Bank of India for developing a comprehensive OTS policy. He said that this initiative was aimed to provide substantial succour to thousands of farmers, horticulturists and other borrowers associated with the Bank.

The Chief Minister said that the OTS policy would offer an opportunity to the borrowers of the Bank to settle their outstanding dues at a discounted rate, thereby avoiding legal actions and improving their credit score after successful settlement. The Bank would also be benefitted as it would improve overall financial health of the bank by facilitating in recovering non-performing assets and reducing long pending debts, he added. 

Sh. Sukhu stated that over 5,000 people would benefit from the OTS policy. He added that similar instructions would be issued to Kangra Central Cooperative Bank and Jogindra Central Cooperative Bank to develop and implement OTS policy in the interest of their consumers.