NDCCB offers big rebate on one-time settlement

Nizamabad: NDCCB chairman Pocharam Bhaskar Reddy urged bank customers to get debt relief through one-time settlement and added that Bhaskar said that OTS is applicable to those whose loan term expires on March 31, 2022.

Chairman Pocharam Bhaskar Reddy cut the cake on Monday to mark the centenary celebrations of Nizamabad District Co-operative Central Bank and congratulated the members of the governing body, society presidents, district farmers and bank staff. Bhaskar Reddy explained that the OTS scheme will run from 27 June 2022 to 31 August 2022.

The NDCCB chairman said the OTS would not apply to short-term crop loans. He said that 100% discount on delinquent interest on long-term loans and 20% discount on overdue interest would be added.

He said the NFS, SHG, JLG, mortgage loans disbursed through the bank branch would be applicable only to loans which are currently in arrears by March 31, 2022.

Bhaskar said the scheme does not apply to commercial loans. As much as 22% discount on interest payable. Beneficiaries under the scheme are required to pay 20% of the loan amount along with the down payment, with the remaining amount to be paid within one month or by 31 August 2022, whichever is earlier.

OTS does not apply if the amount due in OTS is not paid within the due date.

The amount to be paid in OTS should be paid only at the co-operative bank branches. The event was attended by DCCB vice chairman Ramesh Reddy, IDCMS chairman Sambari Mohan, and DCCB directors, IDCMS directors, Nizamabad DCO Simhachalam and Kamareddy DCO Vasantha Bank CEO Gajanand and Nizamabad Kamareddy district PACS chairmen.