One Time Settlement For Ex Director Of Co Operative Bank | Vkeel - Free Legal Advice

Ashish Maheshwari

Ahmedngar

Have there been any changes made for the one-time settlement scheme laid by the RBI for Co-operative banks? Earlier they have rejected my OTS proposal saying that directors or ex-directors cannot get one-time settlement benefits, but now as the finance ministry has undertaken the co-operative banks under Reserve bank, is it possible to request them to consider for OTS or is there any other way for me which can help with the same. I am into family business and due to the recession, it is not possible for me to pay the amount which bank is demanding. Request lawyers to pls share their valuable views and suggestions.

Expert's Answers(2)

Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

Before taking any step in this regard it is advisable to be doubly sure to confirm the matter from the site of Reserve Bank of India and obtaining the same under the provisions of Right to Information Act. Then put your case finally before the Bank authorities. Contact me after reviewing my resume if any further discussion/ explanation is required.

July 10, 2020
Kishan Retired Judge ( Advocate)
Bengaluru, Karnataka

184 Client Ratings

You can claim for such OTC as the finance ministry has undertaken the co-operative banks under Reserve bank. You may try to file WP before High Court or approach Debt Recovery Tribunal or Arbitration

July 9, 2020