Ahmedabad, Nov 05: Rajasthan's cooperative department has finalised a one-time settlement scheme to recover long-term outstandings from defaulters of urban co-operative banks.
It has set norms in this regard to ensure that individuals with outstanding up to Rs 5 lakh and institutions with overdue payments up to Rs 2 crore arrive at a one-time settlement with urban co-operative banks.

Sources said the policy has been necessitated to speed up transactions and smoothen bank outflows. Those wanting to avail of the benefit could apply to the concerned bank by December 31, '02.

The scheme is applicable to defaulters whose pending loans have crossed the time-limit for repayment. Moreover, financially weak parties have the option to remit 25% of the outstanding at the time of settlement and the balance within a year. Bureau Report