Providing a major relief to the dairy farmers who have failed to repay loans advanced from Central Cooperative Banks (CCBs), Punjab Government has decided to introduce One-Time Settlement (OTS) Scheme-2015 to give them a scope to liquidate their dues. CM Parkash Singh Badal on Thursday gave a go-ahead to “pro-dairy farmer” initiative to give further fillip to the dairying as an integral part of State’s ambitious diversification programme.
The decision came after the dairy entrepreneurs requested to introduce OTS scheme to bail them out from the financial distress owing to pending loans advanced to them by the various CCBs across the State. The OTS scheme would cover all dairy loans which have become non performing assets (NPAs) as on or before March 31, 2010. It would also encompass cases where suites have been filed and also cases where decrees have been obtained.
After the settlement was reached, CCBs may take appropriate steps for closure of such cases in respective courts. However, the scheme would not cover cases of fraud, malfeasance and willful defaulters. Spokesperson said that the borrower settling the dues under the scheme would be eligible for fresh loan only after the settled amount was fully paid.