According to a Times of India report, the Goa government has extended the one-time settlement (OTS) scheme for mining-affected borrowers till March 31. The decision is good news for Goa Urban Cooperative Bank as its board had failed to approve the government’s OTS scheme within the stipulated time.
In October, at the state-level bankers committee meeting, the state government had assured bankers that the scheme would not be extended beyond December 3, but it had also urged banks not to take action against mining and mining-related loan defaulters.
Goa Urban Cooperative Bank has till March 31 to settle all the loans taken from the bank for purchase of trucks, tippers, barges and mining machinery.
Those individuals or companies that have already sold off the machinery, trucks or barges will not be eligible to apply to Goa Urban Cooperative Bank under the OTS scheme for settlement of the loans.