The Government of Goa on November 02, 2023, issued a notification regarding the Guidelines for the OTS Scheme for Credit Societies 2023.
This scheme shall come into force on November 02, 2023.
The following has been stated namely: -
• It states that the OTS Scheme shall apply to all the Primary Agricultural Credit/Multipurpose/Urban Co-operative Credit Societies registered in the State of Goa who are doing the credit and deposit business.
• It states that the scheme shall not cover cases of fraud, misappropriation of funds, and willful defaulter
• It states that the benefits under the OTS Scheme shall be given to only those loan accounts wherein the society has made and accounted for adequate NPA provision in the audited balance sheet as of March 31, 2023.
• It states that the beneficiaries who are availing the benefits under the OTS Scheme shall not be entitled to any type of facilities/exemption in relation to any other loan repayment; they shall also not be eligible to avail of loan or stand surety to any type of loans advanced by the society for the next 6 years.
• The last date of application to avail of the OTS shall be decided by the Board; however, the same shall not be extended beyond March 31, 2024, from the date of issue of revised guidelines.
• The detailed guidelines have been attached for reference
[Notification No. 41/4/2008/TS/RCS/VOL. II]
