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In a significant relief move, the Rajasthan government has introduced the One-Time Settlement (OTS) Scheme 2024 to help borrowers with overdue loans from cooperative banks. This scheme is designed to benefit both agricultural and non-agricultural borrowers who are struggling with loan repayments.
The OTS Scheme 2024 provides an opportunity for individuals who have taken loans from Regional Rural Banks and Cooperative Land Development Banks in Rajasthan to clear their dues without facing heavy penalties. This initiative is aimed at preventing borrowers from being labelled as bank defaulters, offering a fresh chance to manage outstanding debts.
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The scheme applies to a wide range of borrowers, including:
According to the Rajasthan Cooperative Minister, Gautam Kumar Dak, the scheme covers loans overdue as of March 31, 2020, and categorized as "Bad" or "Doubtful" by March 31, 2023. This relief program includes not only individuals but also groups and businesses in various sectors.
The Rajasthan government recognizes that many borrowers, especially small and marginal farmers, are unable to repay their loans on time due to financial constraints, natural disasters, or unexpected economic downturns. This makes it difficult for them to secure new loans, which, in turn, impacts their livelihood and business prospects.
To address these challenges, the OTS Scheme 2024 enables such borrowers to settle their debts and re-establish financial stability. Minister Dak highlighted that this scheme also accommodates borrowers who are unable to work due to accidents or other reasons, offering them a new opportunity to manage their financial responsibilities.
The scheme provides a range of benefits to qualifying borrowers:
The One-Time Settlement Scheme 2024 will be available until March 31, 2025. Borrowers interested in availing of this opportunity should submit their applications and also ensure that they complete their payments within the given timeframe.
For indebted farmers and other borrowers in Rajasthan, this scheme offers a critical chance to clear past dues, regain financial independence, and avoid the consequences of defaulting.
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The One-Time Settlement Scheme 2024 by Rajasthan’s government offers a vital opportunity for farmers and borrowers to clear overdue loans with reduced interest rates and flexible payments. This initiative aims to ease financial strain, prevent defaults, and provide a fresh start, empowering borrowers across the state to restore financial stability by March 31, 2025.
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