SBoP’s One-Time Settlement Scheme a hit among borrowers

Tribune News Service 

Patiala, October 22

One-Time Settlement Scheme (OTS) launched by the State Bank of Patiala (SBoP) recently is turning out to be big hit among the borrowers, especially small/medium-size borrowers, with debt up to Rs 5 crore getting concessions in interest and even principal in eligible cases.

The bank is running the scheme from October 1 to November 30 and is providing much-needed relief to the distressed sections of society. To ensure that intended benefits reach the target clientele, the bank has also put in place an innovative publicity infrastructure.

SA Ramesh Rangan, Managing Director of the bank, flagged off a “mobile van” decorated with scheme features and fitted with an audio tape, which will be going to target places and explain the scheme in the local language of the clientele. The scheme is also popularised through FM radio channels/distribution of hand bills and through display of banners at prominent public places and the bank premises.

It is expected that the scheme will benefit the local populace in a big way in the ensuing festive season.