Government of Goa issue the Guidelines for One Time Settlement Scheme for Credit Societies, 2020

Feb 14, 2020 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The State Government of Goa on February 10, 2020 issues a Guidelines for One Time Settlement (OTS) Scheme for Credit Societies, 2020 in order to speed up recovery and also to give relief to the affected borrowers.

The OTS scheme will be applicable to all the Primary Agricultural Credit/Multi-purpose/ /Urban Coop. Credit Societies registered in the State of Goa who are doing the credit and deposit business.

The cutoff date of this scheme for eligibility shall be March 31, 2015 and shall remain in force till September 30, 2020. The loans which are doubtful and classified as Non-Performing Assets (NPA’s) only upto March 31, 2015 will be considered for this scheme to be eligible.

Applicability of the Scheme:

(i)This scheme is applicable to all types of loans.

(ii)This scheme is applicable to doubtful loans in respect of which the process of Arbitration is being continued and or the decree have been passed in respect of such loans by any judicial and quasi-judicial authority.

(iii)When more than one loan accounts have been turned into N.P.A’s because of one doubtful loan of any loanee member, this loanee member shall be entitled for the One Time Settlement scheme in respect of the loan account which has been treated as doubtful one only and not to the other loan accounts.

[Circular No. 41/4/2008/TS/RCS/5235]


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