Financial Daily from THE HINDU group of publications
Saturday, Nov 15, 2003
Financial Daily from THE HINDU group of publications Saturday, Nov 15, 2003 |
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Agri-Biz & Commodities
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Farm credit Money & Banking - Interest Rates Rajnath for rate cut on coop farm loans Our Bureau
New Delhi , Nov. 14 THE Union Agriculture Minister, Mr Rajnath Singh, has asked co-operatives to discuss ways of reducing the rate of interest on farm loans. Inaugurating the 50th All India Co-operative Week celebrations, organised by the National Cooperative Union of India here on Friday, Mr Singh said banks have reduced their rates of interest on farm loans to 9 per cent from the earlier level of 13-14 per cent. However, since cooperatives extend a sizeable chunk of farm loans, he said it was essential that the rate of interest on cooperative loans be similarly reduced. As for the Government's role in the matter, he said he had discussed the issue with the Finance Minster, Mr Jaswant Singh.
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