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Chennai, May 21 The Tractors Manufacturers Association has welcomed State Bank of India’s decision to continue disbursing tractor loans.

The President of the Tractors Manufacturers Association (TMA), Mr L.D. Mittal, told Business Line, “SBI’s decision is not only good for farmers but for the entire country. This is because the country is already importing thousands of tonnes of food now and if the loans for the farmers to buy tractors are suspended it would increase imports, eventually hitting the country hard.”

Mr Mittal said tractor manufacturers and dealers will extend all possible support to the banks so that the spirit of the implementation of the budgetary proposals is honoured, and the farm sector receives its due share of support and motivation for continued agricultural growth, which is key to GDP growth. “It is our moral duty to support our customers and banks to recover bad debts. Towards this we will send communications to all the dealers.”

More Stories on : Farm credit | State Bank of India

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Tractor makers welcome SBI decision

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