Business Daily from THE HINDU group of publications
Monday, Aug 18, 2008
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Business Daily from THE HINDU group of publications Monday, Aug 18, 2008 ePaper | Mobile/PDA Version | Audio |
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Farm credit Money & Banking - Public Sector Banks Farm debt waiver: PSBs seek interest K.R.Srivats New Delhi, Aug 17 Public sector banks (PSBs) have placed a new claim on the Central Government for their successful implementation of the farm debt waiver and debt relief scheme in a record time. Besides fully compensating them for the amount waived off and the relief granted, they also want the Government to pay interest on the amount involved. It is learnt that some of the chief executives of the PSBs had at their recent meeting with the Finance Minister, Mr P. Chidambaram, suggested that the interest should be calculated from the date of announcement of the scheme, i.e. from February 29, when the Union Budget was announced, till the date of write-off. Data with the Finance Ministry show that the PSBs had written off about Rs 25,357.56 crore towards farm debt waiver and Rs 5,314.54 crore towards debt relief scheme. “We are asking for interest from the day of announcement of the debt waiver scheme as from that day, these accounts stopped yielding incomes for us,” a PSB chief executive said. Co-op banks, RRBsAfter PSBs, cooperative banks and regional rural banks (RRBs) played a major role in the farm debt waiver scheme. Under the scheme, cooperative banks and RRBs had written off Rs 28,802.91 crore towards farm debt waiver and Rs 6,565.41 crore towards debt relief scheme. The Government is likely to provide for some compensation to the PSBs for the debt waiver scheme during the first batch of supplementary demands for grants when the monsoon session resumes. Banks face audit burden on farm loan reimbursement Who benefits from the waiver? Farm loan waiver: An ill-conceived package More Stories on : Farm credit | Public Sector Banks
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