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Shimla, July 21
The Himachal Pradesh State Cooperative Agriculture and Rural Development Bank has launched three new One Time Settlement (OTS) schemes for the next six months, offering major relief to loan borrowers. Announcing the schemes at a press conference in Shimla, Bank Chairman Sanjay Singh Chauhan said the initiative aims to support farmers and strengthen the rural economy.
Under the Chief Minister’s Agriculture Loan Relief Scheme, the state government will bear 50 per cent of the interest on agricultural loans up to ₹3 lakh. Around 6,319 farmers across Himachal Pradesh are expected to benefit from the scheme, which comes into effect immediately and will remain valid for six months. The bank has also announced a 25 per cent interest concession under the OTS scheme for Non Performing Asset (NPA) accounts dating back to 2016. Borrowers whose loan accounts had already been provisioned with NABARD will also receive up to 25 per cent interest relief.
Chauhan said bank officials will conduct a door to door awareness campaign to ensure eligible borrowers take advantage of the schemes and settle their loan accounts. He added that the bank, which had been incurring losses for nearly a decade, has returned to profit over the past three years. He credited the turnaround to the guidance of Chief Minister Sukhvinder Singh Sukhu, the dedication of bank employees, improved recovery mechanisms, transparent transfer and promotion policies, and ₹400 crore financial assistance provided by the state government last year. According to Chauhan, the Himachal Pradesh State Cooperative Agriculture and Rural Development Bank has now emerged as the top cooperative agriculture bank in India in terms of deposits.
Yog Raj Sharma
