CHANDIGARH: The State Bank of India has come out with a scheme for: one-time settlement of non-performing assets of SMEs (business, trade, industry, etc) called ‘SBI OTS SME 2010′.
This scheme covers NPAs in the SME sector on or before March 31, 2009 with out standings up to Rs 1 crore, for any reason except cases involving fraud, malfeasance, willful default or cases already decreed by courts.
Chief General Manager, Chandigarh Circle, S.K. Sehgal, said the bank has come out with this scheme based on feed back from industry associations and with a view to help the units affected by market conditions.
Sehgal said the bank is also offering discounts for early payment ranging from 15 to 75 per cent of the outstanding, depending on the age of the account and the period with in which the full eligible amount under the OTS scheme is offered to be paid by the borrowers/SME units.
The final payment can, how ever, be made up to March 31, 2011, added Sehgal.
The last date for receipt of applications under the scheme is July 31.