The Hindu Business Line : All banks to give fresh loans to ryots: AP Minister

EVERY branch of the commercial banks in Andhra Pradesh would be giving fresh loans to at least 100 farmers in the State. The banks have taken a decision to this effect keeping in view the plight of the farmers, according to the State Agriculture Minister, Mr N. Raghuveera Reddy.

Mr Reddy told newspersons here that till Wednesday last, the commercial banks have given fresh loans to 2,61,225 farmers across the State enabling them to undertake Kharif operations. The banks have also reduced the interest rates on agricultural loans as the farmers were suffering due to successive droughts.

While Andhra Bank had reduced the interest rate on agricultural loans from 9 per cent to 8.5 per cent, State Bank of India and State Bank of Hyderabad have reduced the interest rate to 8.75 per cent. On the other hand, Syndicate Bank had reduced it to 9.75 per cent. The Minister appealed to other commercial banks operating in the State to reduce interest rates. He said cooperative banks would be extending loans to farmers at an interest of 5 per cent

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