Punjab Financial Corporation (PFC) has reiterated that the One Time Settlement (OTS) Policy as approved by the Government of Punjab...

Spokesman News Service: Chandigarh, December 20: The Punjab Financial Corporation (PFC) has reiterated that the One Time Settlement (OTS) Policy as approved by the Government of Punjab shall be the last OTS of the Corporation which shall be in vogue till March 5, 2019. The view was echoed by the Board of Directors during a PFC meeting held here adding that after the lapse of above mentioned time limit, no further OTS shall be offered.

Exhorting the concerned parties to take full advantage of the scheme, the Board members urged them to aggressively participate in the state government’s efforts to rebuild and reenergize industrial units. The current scheme envisages all round possibilities for complete set of stakeholders and the Board suggests that this offer should be the last one, the Board of Directors resolved at the end of the meeting.

Underlining the importance of financial viability principle, the Board also asserted that after expiry of this OTS time limit, the Corporation will strive to hand over its assets comprising the properties mortgaged to it, to some Assets Reconstruction Company (ARC) for further dealing with such assets. 

Thereafter, relevant information pertaining to defaulting loan cases including the names of the principal borrowers, which still remain unsettled shall be uploaded on the CIBIL portal, the Board resolution further stated.