In a bid to help cooperative banks shore up their financial situation, the Cooperative Department in Kerala has announced a one-time settlement scheme to clear their loan dues and NPAs, reports New Indian Express.
It is worth mentioning demonetization had caused a decline in the repayment of loan dues in cooperative banks.
Govt sources say all cooperative societies and banks under the Cooperative Registrar will be covered under the scheme, which offers the maximum interest incentives to attract borrowers’.
Under the scheme, only simple interest will be charged on the remaining amount.