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A one-time settlement (OTS) scheme worth Rs 6,000 crore has been announced by the State Bank of India for tractor loans.
Rajnish Kumar, SBI Managing Director has said that the lender was willing to take a haircut of 40 percent on outstanding tractor loans as of September 30, 2016.
According to him, in the category of doubtful or loss as of September 30 for loans disbursed before September 2011 will be eligible.
The proposals that are submitted till March 31 this year are going to get considered.
He has further said that a circular in this regard was issued to branches in early February and that the power of the loan waiver lie in the hands of the branch manager.
