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State Bank of India (SBI) announced a one-time farm loan settlement scheme worth Rs 6,000 crore primarily for tractors, reported PTI. "One Time Settlement (OTS) announced for #Agriculture #Loans! Scheme valid until 31st March. Contact your branch for details & benefits," the nation's largest lender said on the microblogging site Twitter.
The scheme will result in the bank taking a 40 per cent haircut on outstanding tractor loans as of September 2016. SBI's total farm loan portfolio is Rs 1.25 trillion and Kumar said the tractor loan book is about Rs 6,000 crore. Doubtful or loss category accounts as of September 2016, which were disbursed before September 2011, will be considered under the scheme.