Nashik: The cash-strapped Nashik District Central Cooperative bank, which announced a one-time settlement scheme for loan defaulters, has started getting some results.Officials of the Nashik District Central Cooperative (NDCC) bank said the one-time settlement (OTS) scheme — which was approved by the general body and even got the state governments support — is aimed at stepping up recoveryin order to steer the bank out of the serious financial crisis.The scheme has started receiving response from defaulters, albeit slowly.The meeting with deputy chief minister (finance and planning) Ajit Pawar underlined the fact that to start with, recovery from big defaulters was the only way out. The one-time settlement scheme is one of the steps taken by the bank to recover the outstanding dues, said a senior officer from the NDCC bank.Under the guidance of Pratapsingh Chavan, the bank has launched the OTS scheme with a rebate of 4.5% for the farmers who have defaulted on crop loan, and 5% for the medium-term (MT) loans taken for assets, the officer said. Defaulters, only from the period prior to March 31, 2019, are allowed to take part in the OTS scheme. They would need to settle the entire outstanding amount in one go. In case of crop loan, farmers who are charged 12.5% interest for the period (since they are classified as non-performing assets) will be charged 8% rate of interest, i.e. they would get a benefit of 4.5%. Similarly, farmers and others who are charged 17% on the unpaid instalments for mid-term loan and classified as NPA will have to settle their dues at the rate of 10% for the period.Farmers can participate in the OTS scheme before March 31, 2024. Of the total 55,000 defaulters, the bank officials said more than 30,000 have been defaulters for more than 10 years. Lowering of the interest charged will be a major relief for such people, the bank officials said. The bank authorities also said they would give 1-2% of the interest recovered back to the primary agriculture credit societies (PACS).We also published the following articles recentlyBangladesh, World Bank ink $1 billion loan dealThe Bangladeshi government and the World Bank have signed a loan agreement worth over $1 billion to achieve resilient and inclusive growth. The agreement includes five projects, focusing on early childhood development, secondary education, riverbank protection and navigability, urban primary health, and gas distribution efficiency. The projects aim to improve learning outcomes, strengthen healthcare services, protect land from riverbank erosion and flooding, and reduce methane emissions. This partnership between Bangladesh and the World Bank aims to lift millions of people out of poverty and achieve the countrys vision of upper-middle-income status by 2031.EUs von der Leyen says extremist violence in West Bank settlements must stopEuropean Commission President Ursula von der Leyen called for an end to the rising violence by extremists in the Israeli-occupied West Bank. She emphasized the need for a peaceful co-existence and a two-state solution. Von der Leyen stated that the Palestinian people and their Arab neighbors require reassurance and a viable perspective, including an independent Palestinian state. She condemned the unacceptable violence by extremists in the West Bank. U.S. President Joe Biden also expressed readiness to issue visa bans against West Bank extremists. British Foreign Secretary David Cameron urged Israel to crack down on the violence by West Bank settlers, emphasizing the need for arrests, prosecutions, and imprisonment. The Israeli occupation of the West Bank, the construction of illegal Jewish settlements, and the ongoing settlement expansion remain contentious issues.Nigerias cabinet approves $1 billion African Development Bank loanNigerias cabinet has approved a $1 billion concessionary loan from the African Development Bank (AfDB) to support financing the budget and improve foreign exchange supply. The loan will fetch an interest rate of 4.2% for 25 years with an eight-year moratorium. The loan is for general budget support and to improve forex availability. It will support ongoing economic reforms, including the power sector, social inclusion, and fiscal policy reforms.

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