State Bank of Travancore (SBT) has launched a one-time settlement (OTS) campaign for repayment of non-performing accounts in the micro, small and medium enterprises (MSME) segment.
The scheme is applicable to all sub-standard assets (in default for more than 12 months) without collateral backing.
It is also applicable for doubtful or ‘loss assets’ (loss identified but not written off) as on March 31, 2012, as defined in the MSMED (MSME Development) Act 2006.
All MSME borrowers can avail this special opportunity and settle their outstanding with the bank, a bank spokesman said here.
There is also an additional incentive of 15 per cent and 10 per cent discount on the OTS amount arrived for borrowers who make full payment respectively within one month or three months from the date of approval of the OTS.
The last date of receipt of application by branches is August 31. More details can be had from the nearest branch or the MSME department at the SBT head office (phone no: 0471-2353658).