Sunday, 15 October 2023 | PNS | DEHRADUN
The registrar of cooperative societies has extended the ongoing Multipurpose Primary Agriculture Credit Societies -One-Time Settlement scheme (MPACS- OTS) till November 30 this year. Under the scheme the cooperative banks are exempting interest on settlement of outstanding loans on the dead loanees.
The scheme has proved to be a success as the banks have done a recovery of Rs 16.08 crore on 8,594 applications from the legal heirs of the persons who had taken the loans but died before paying back the loans. The additional registrar Ira Upreti said that the scheme has been extended till November 30 on the orders of the Cooperation minister Dhan Singh Rawat. The banks are focussing on recovery of outstanding capital amount from the heirs of 31,000 dead loanees under the scheme. It is pertinent to mention here that the banks were not targeting recovery of loans from the dead loanees. The department minister Rawat suggested that a one-time settlement scheme should be launched to recover the outstanding capital amount from such accounts.
