The Hindu Business Line : `Crop loan rate to be 7 pc'

Short-term crop loan interest rates would be slashed to seven per cent, according to the Union Finance Minister, Mr P. Chidambaram. Speaking at a function near Karaikudi, he announced that the official order to all banks would be issued in 2-3 days.

The decision would help the farmers avail loans for the kuruvai and samba season. Based on the C. Rangarajan Committee report on attracting more customers to use the services of the banks, the Government would be taking up new initiatives, he added.

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