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IDBI RINN SAMADHAN SCHEME (IRIS Scheme)
1. Scheme Period Scheme start date: October 1, 2023; Scheme end date: March 31, 2024
2. Eligible Accounts
  1. Non-Performing Asset (NPA) accounts classified as Doubtful III & Loss and Technically Written Off (TWO) accounts with borrower wise (UCIC wise) aggregate GPO/ Net Balance up to Rs.1 crore [without considering exposure under VBD] and Vendor Bill Financing (VBD) in DA-III/Loss asset class, with GPO upto Rs.3 crore. DA-III/Loss accounts covered under the Scheme must have completed a minimum of 1 year as NPA as on June 30, 2023. Borrowers only with unsecured and/or partly secured aggregate GPO is covered in the scheme.

  2. Eligible Products: KCC (Crop loans) not under Corporate Guarantee cover, KCC (Crop Loans) under Corporate Guarantee cover where Corporate has negative net worth, Other Agri Loans not under Corporate Guarantee cover, Other Loans under Corporate Guarantee cover where corporate has negative net worth, Micro Loans, Education Loans, Personal Loan (including OD against salary), Credit Cards, MSME Loans (including MUDRA Loans), Home Loan/ LAP/ Property Power /LARR /LIP where primary/ collateral security is enforced & sold, Vendor Bill Finance/VBD if net worth of Corporate Guarantor/Vendee is negative as March 31, 2023. Borrowers having exposure under Guaranteed Emergency Credit Line (GECL) covered by National Credit Guarantee Trustee Company (NCGTC) are eligible to settle dues in their other loan accounts.
3. Non eligible Accounts/ Borrowers Accounts falling in the following parameter/ categories are NOT eligible under the Scheme:
  1. Accounts classified as NPA after June 30, 2022; Gold Loans; Loan/ advances against fixed deposits/ securities; IDBI Non-Agri Commercial Vehicle Loans (viz.,SRWTO)/ Auto Loans; Staff/ Ex-Staff Loans (including credit cards and commercial loans availed by the staff or where staff/ ex-staff have stood as guarantors to such loans); Current/ Savings accounts with debit balance, without credit facility;

  2. Accounts reported as suspected fraud/ fraud and Wilful default declared; all other accounts linked with these fraud/ wilfully defaulted borrowers as principal debtor (borrower/ co-borrower/ mortgagor); Borrower cases admitted to NCLT under IBC

  3. MSME borrowers whose aggregate GPO is fully secured by either Agri or Non-Agri or both primary/ collateral securities; Agri borrowers whose aggregate GPO is fully secured only by Non-Agri or both by Agri & Non-Agri primary/ collateral securities

  4. All loans under products viz., Home Loan/ LAP/ Property Power/ LIP where charged primary/ collateral security is yet to be sold; Accounts under PSG MFI & Securitization Direct Assignment Portfolio; All loans/ advances guaranteed by State/ Central Government, bodies viz., CGTMSE, Credit Enhancement Guarantee Scheme for SC (CEGSSC), ECGC etc., loans sanctioned under Stand up India Scheme and other subsidy schemes of State/ Central Government/ Bodies viz., NHB etc.

  5. Cases where sanction is already given under extant Policy on OTS/NS which is in currency

  6. If one account of the Borrower is not eligible for settlement under norms of the scheme, all other accounts of the Borrower shall also be NOT eligible.

  7. In case common secrituy is extended to multiple borrowers, if one of the borrowers is not eligible for settlement under the scheme, all other borrowers shall also be NOT eligible under the Scheme.
4. Concessions available to Borrowers
  1. Waiver of interest, in respect of all eligible accounts, except GECL, where total dues to be paid.

  2. Hair-cut / Concessions for specific product range.
5. Payment Terms
  1. Acceptance for the Letter of Approval to be submitted along with upfront amount of at least 10% of the Settlement Amount on or before December 31, 2023.

  2. Full & final settlement amount to be paid within 3 months from the date of Letter of Approval, but not later than March 31, 2024.
6. Early payment concession Following concession in payment towards legal & other expenses shall be applicable for early payment:
Payment of full & final Settlement Amount by January 31, 2024 100% waiver of legal & other expenses
Payment of full & final Settlement Amount by February 29, 2024 50% waiver of legal & other expenses
Payment of full & final Settlement Amount after February 29, 2024 till March 31, 2024 No waiver of legal & other expenses
Please contact your Home Branch for further details.