Financial Daily from THE HINDU group of publications
Friday, Aug 20, 2004
Financial Daily from THE HINDU group of publications Friday, Aug 20, 2004 |
||
|
|
||
|
Money & Banking
-
Farm credit Agri-Biz & Commodities - Farm credit Allahabad Bank relief package for farmers Our Bureau
Kolkata , Aug. 19 ALLAHABAD Bank has proposed to implement relief measures for farmers affected by natural calamities. The move follows the Government's directives on assisting agriculturists who are in arrears and in distress. The bank will take up its action plan on implementing relief measures through regional offices. The plan includes providing one-time settlement schemes for small and marginal farmers, fresh finance to those whose earlier debts have been settled and redemption of loans taken by small farmers from non-institutional lenders, especially the moneylenders who operate in rural areas. Allahabad Bank, according to a press note issued here, will provide conversion and rescheduling facilities in case of damage to standing crops due to natural disasters. Those who have suffered from production and income losses on account of such disasters for two or more consecutive years (during the past five years) will get a special facility: Their existing loans as on March 2004 will be rescheduled by the bank. The restructured amount will be payable over a period of five years at current rates of interest. This will include an initial moratorium of two years, after which the farmers concerned will become eligible to take fresh loans. A scheme for one-time settlement of dues has been drawn up. This will relate to farmers who are in default of earlier loans as on June 30, 2004. It will offer them various relaxations and concessions for settlement of dues. Such a measure will make them eligible for fresh loans once again. The bank has proposed to work out a loan facility for small and marginal farmers.
More Stories on : Farm credit | Farm credit
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|