State Bank Of India

State Bank of India (SBI) has approved the one-time settlement (OTS) scheme for mining-hit borrowers in Goa. This is expected to pave way for other financial institutions to settle the long-pending bad debt of those who are in a lurch due to the halting of mining in the state. The scrutiny committee of the state’s Economic Development Corporation (EDC) recommended the Goa government to go ahead with the OTS offered by SBI to its borrowers.

The bank has proposed 30% waiver on principle loan amount to the truck owners and 40% to the barge owners. The bank has also offered to waive 100% interest on the loans procured by the truck and barge owners from September 30, 2012, when iron ore exports had stopped following the Supreme Court order vis-a-vis illegal mining in the state.