The scheme will be applicable to borrower’s principal outstanding above Rs.0.10 crore and up to Rs.10 crore (subject to eligibility criteria), at relaxed terms. It will provide a renewed opportunity to the borrowers who are in distress and are willing to settle their dues to avoid legal entanglement, a release by the bank said.
The scheme will not be applicable where the sanction given under general One Time Settlement (OTS)/ Negotiated Settlement (NS), if it is in currency, where formal offer for settlement along with upfront amount has been received before launch of this scheme and the proposal is under consideration> Besides the bank has highlighted several conditions under which the scheme will not be applicable.
The scheme will end on March on 2025, the bank said.
