Uttarakhand: The state government has decided to forgive an interest amount of Rs 49 crore from the nominees of 31,221 deceased borrowers who had taken loans from cooperative societies under the proposed one-time settlement (OTS) scheme. The nominees will only be required to pay the principal sum of Rs 74 crore.
Uttarakhand Government’s one-time settlement scheme for deceased borrowers
The reward will be paid to the nominees of deceased individuals who borrowed money prior to 2017. The cooperative societies were created during the time of undivided Uttar Pradesh, and the borrowers died before repaying their loans.
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Uttarakhand government’s decision to waive interest payments
Dr. Dhan Singh Rawat, minister of the Uttarakhand cooperative department, stated that a total of Rs 123 crore is owed to such borrowers. He went on to say that the government would compensate the cooperatives for the remaining interest. According to reports, the agency will shortly undertake a survey of such households and obtain a promise from them that the principal sum will be returned.
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