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Tuesday, May 11, 2004

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Vijaya Bank signs pact with Nabard

Our Bureau

Bangalore , May 10

VIJAYA Bank has signed a pact with Nabard to co-finance agriculture, agro processing, hi-tech agriculture and rural development projects, a news release said.

According to the pact, both the bank and Nabard would work together for greater involvement and commitment to agriculture and rural development and jointly finance projects in related areas on mutually agreeable terms.

Besides need-based credit from the bank, co-financing would enable entrepreneurs to avail of the technical expertise and guidance from Nabard for timely implementation of such projects, the release added.

The bank has also reduced its rates on agriculture advances with effect from April.

For loans up to Rs 25,000, the bank now charges 8.50 per cent, for loans in the range of Rs 25,000 to Rs 50,000 the bank charges same rate.

The interest rate is 9 per cent for loans above Rs 50,000 up to Rs 2,00,000; 11 per cent for loans up to Rs 50 lakh and above Rs 2 lakh; and 12 per cent for loans above Rs 50 lakh.

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