Three defaulters pay Rs 21 lakh back to NDCC on first day of new one-time settlement scheme
NDCC Bank administrator Santosh Bidvai said, "Our new OTS scheme is the best offer for farmers from any cooperative banking institution in the state. After settling their loans, farmers become eligible for future short-term loans, unlike nationalized banks that blacklist OTS beneficiaries."
The bank, which conducted its general body meeting recently, proposed the OTS scheme as per the guidelines of the cooperative department.
The meeting was chaired by Vidyadhar Anaskar, the chairman of the administrative board of Maharashtra State Cooperative Bank, the organisation that is now appointed as the institutional advisor to the cash-strapped NDCC Bank to steer it out of the financial crisis.
The bank has 56,700 defaulters with a collective outstanding debt of Rs 2,300 crore. Among these, 45,000 account holders who defaulted before June 2022 are eligible for the new OTS scheme.
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The bank charges 8% interest on a regular basis, and after the account is categorised as a non-performing asset (NPA), the interest levied is 12% and above.
"Under the OTS scheme, the total amount at the time of being declared as NPA is considered, and instead of hefty interest, defaulters will be charged 2% interest for loans up to Rs 1 lakh, 4% interest on loans up to Rs 5 lakh and 5% interest on loans up to Rs 10 lakh. For loans above Rs 10 lakh, a 6% interest rate will be applied," Bidvai said.
The officer said if 100% recovery was done, the bank would suffer a loss of Rs 672 crore. He further underlined that the farmers were meeting govt and demanding interest and loan waivers. "My request is to settle the loan and the interest. The settlement will be in black and white and save further interest being charged by the bank. As and when govt announces the waiver, that amount will be transferred to the farmers' bank account," Bidvai said.
He said the majority of beneficiaries under the scheme were loan defaulters with outstanding amounts up to Rs 1 lakh, particularly those who defaulted since 2016-17. "Due to state govt's loan waiver in 2019, defaulters from that period will not be eligible for future schemes, leaving loan settlement as their only option," a senior bank official said.
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