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One Time Settlement (OTS)/ Out of Court Settlement (OCS)

       Following strategies for recovering RMK overdues were approved

         One Time Settlement (OTS) / Out of Court Settlement (OCS)

         Restructuring of loan

         Write off old/chronic Bad Debt from Risk Fund of RMK

         Forming recovery teams

         Introduction of incentive scheme for recovery


Scope for those NGOs with chronic default loan accounts sanctioned/ disbursed upto 31.03.08 (Cut-Off Date).

Salient Features of the Scheme

  •          In no case, write off Principal amount will be considered.

  •          Full penal interest and normal interest after cut off date will be considered for waiver.

  •          In no case waiver amount will be more than recovery amount (condition put by MOF).

  •          Waiver will be confined only to RMK fund (condition put by MOF)

  •           Multiple accounts: Sacrifice in case of multiple accounts will be dealt separately

  •          50% legal charge will be waived.

  •       Down Payment: 50% of OTS amount

  •       Following are the competent authorities to sanction OTS proposal and to give approval for sacrifice of normal interest after 01.4.2008 and penal interest since inception.

Conditions of OTS Scheme:


    1) Principal due cannot be waived.


    2) Penal interest levied since inception and Normal interest levied after 31/03/2008 will be waived subject to condition that waiver amount   cannot be greater than OTS amount to be paid by the borrower.  


    3) OTS amount may be paid by a bullet payment or may be paid in the following manner - 50% of OTS payment should be paid as down payment and rest 50% in two installments within 31/03/2016 through post-dated cheque.  


    4) Full OTS amount needs to be paid maximum by 31/03/2016. Once full overdue is paid back RMK shall be taking the following steps:


       i) Issue of No Due Certificate.  


       ii) De-blacklisting the NGO.  


       iii) Also court cases shall be withdrawn.  


      If you are agreeable to the OTS, kindly acknowledge the receipt of the email and also remit the first instalment 50% of OTS so as to enable us obtain the requisite approval of OTS by our competent authority.

       
OTS scheme detail

 

 

Note: Rashtriya Mahila Kosh is functioning from its new address Dr. Durgabai Deshmukh Samaj Kalyan Bhawan, B - 12,  4th Floor,  Qutab Institutional Area,  New Delhi  -  110016  and  telephone  number  are  011- 26526612 / 26567187 / 26567188. Kindly contact with us from the new aforesaid address only.