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Our Bureau

Govt approves rehab packaged for distressed farmers

Bangalore , Dec. 14

As part of the national financial inclusion project, 4.99 lakh bank accounts have been opened in nine districts out of the 27 districts in Karnataka.

The nine districts were selected for hundred per cent financial inclusion and this is targeted to be completed by March 2007, according to Syndicate Bank Chairman and Managing Director, Mr C.P. Swarankar. Syndicate Bank is the lead bank in Karnataka. Mr Swarankar was speaking at the 100th SLBC (State Level Bankers Committee) meeting here on Thursday.

As part of the banking inclusion, member banks of SLBC have issued 6,458 general purpose credit cards with a credit limit of Rs 12.84 crore.

Mr Swarankar said banks disbursed Rs 7,915.51 crore of credit till October this year, as against the annual target of Rs 14,645.99 crore, under the doubling of farm credit plan. Besides, they provided financial support to 2.22 lakh new farmers amounting to Rs 1,976.59 crore.

Rehab package

Besides, he said that the Government had approved a rehabilitation package in respective of agriculture credit for distressed farmers in the districts of Belgaum, Hassan, Chitradurga, Chikamagalur, Kodagu and Shimoga.

Under this package, the entire interest burden on overdue loans as on July 1 this year would be waived in the six districts and on all farmers who have no past interest burden. This is to enable them to become eligible for fresh loans. The estimated amount of interest waiver is Rs 209.81 crore. The Centre and the State would share the waiver equally, he said.

Overdue loans of farmers as on July this year would be rescheduled over a period of three to five years with a one-year moratorium, as part of the rehabilitation package.

More Stories on : Credit Market | Karnataka

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