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One Time settlement of ex director of co operaive bank


20-Jul-2023 (In Arbitration Law)
Dear Lawyers , Has there been any changes made for the one time settlemnt scheme laid by the RBI for Co operative banks ex directors . Earlier they have rejected my ots proposal saying that directors or ex directors cannot get one time settlement benefits . but now as finance ministry has undertaken the co operative banks under Reserve bank , is it possible to request them to consider for OTS or is their any other way for me which can help with the same . i am into family business and due to recession it is not possible for me to pay the amount which bank is demanding . Request lawyers to pls share their valuable views and suggestions . also if any lawyers can help me with how to approch the RBI regarding the same would be benificial . regards , Aditya Maheshwari
Answers (1)

Answer #1
879 votes
Hello
Advocate Minakshi Ovhal here
A bank can enter into an OTSdeal with a borrower provided the borrower agrees to 100% of the outstanding balance in the account available on the date on which the account was declared as NPA. Once OTS is done, the settlement should be done in one shot. more information you can call me. thank you
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