Policy Guidelines for reconsidering/re-validating the One Time Settlement (OTS) offer given in past to all those borrowers, who have accepted the offer but failed to make the payment and close the account
Policy Guidelines for reconsidering/re-validating the OTS
BACKGROUND: Most of these cases are under legal action for recovery, but are taking considerable time in recovery of the outstanding loan amount. In order to avoid prolonged legal process and expenses, a policy is proposed for the
cases covered under the scope mentioned below.
SCOPE: The policy to be applicable only to all those cases/borrowers who have accepted OTS offer prior to announcement of EDC Loan Compromise Settlement Guidelines (ELCSG) (prior to 23.11.2015), under following two categories.
Applicability of Proposed Policy: The policy shall be applicable to those OTS offer made prior of announcement of ELCGS (i.e. prior to 23.11.2015).
Procedure to be followed: