Financial Daily from THE HINDU group of publications
Friday, Apr 19, 2002
Financial Daily from THE HINDU group of publications Friday, Apr 19, 2002 |
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Money & Banking
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Interest Rates Kerala: Co-operative sector interest rates revised Our Bureau
THIRUVANANTHAPURAM, April 18 THE Registrar, Co-operatives, Kerala, has revised the maximum permissible interest rates that are applicable on deposits with various financial institutions in the co-operative sector. The new interest rates are applicable with effect from April 16. Also revised are the maximum permissible interest rates that can be charged on loans other than agricultural loans sanctioned by the co-operative financial institutions in the State. As per the new rate regime, loans up to Rs 50,000 will attract an interest rate of 13 per cent, while those exceeding Rs 50,000 but below Rs 2 lakh, 14 per cent, and those above Rs 2 lakh, 15 per cent. The board of directors of the sanctioning institution will have the power to fix the rates within this range. The borrower will not be liable for any other levy by way of compound interest, cost of the application form, stationery or such other expenses. But a penal interest of two per cent can be charged in case of default in payments. Gold loans will attract insurance and appraiser charges.
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