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Our Bureau

Bangalore, June 5 State Bank of Mysore (SBM) has launched its farm debt waiver and relief scheme for 2008.

SBM’s Managing Director, Mr P.P. Pattanayak, personally monitored the progress and preparations of the farm debt relief scheme at the bank’s rural branch in Sadahally in Bangalore Rural District to ensure compliance with the Finance Minister’s deadline of June 30. An SBM release said here that Mr Pattanayak explained the scheme to the farm customers of the bank. He also informed that they would not be required to submit any application or papers to the bank.

The release said that the bank was taking precautions to prepare an error-free list of borrowers eligible for the scheme. SBM was covering 1.5 lakh farmers, with loan outstanding amounting to Rs 10,560 crore. At least Rs 450 crore would be waived in respect of small and marginal farmers. For other farmers the relief would amount to Rs 600 crore, the release added.

More Stories on : Farm credit | Karnataka | Public Sector Banks

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