The Hindu Business Line : Union Bank begins farm loan waiver

Ahmedabad, June 3 Union Bank of India has commenced farm loan waiver programme on a war-footing which is set to be completed by June-end in the country, Mr M.V. Nair, Chairman and Managing Director, said here on Monday.

The bank is covering 5.50 lakh farmers to implement the measures announced by the Centre during this fiscal year’s Union Budget.

The bank’s beneficiaries include 4.50 lakh small and marginal farmers, cultivating land up to five acres, whose loans to the tune of Rs 1,250 crore would be waived.

The remaining one lakh farmers, having land holdings of more than five acres, would receive relief worth Rs 230 crore, that is, 25 per cent rebate on the outstanding, provided they agreed to pay the balance 75 per cent by June 2009 in three instalments.

List of beneficiaries

By June 29, the bank would finalise the list of beneficiaries. In Gujarat, nearly 12,000 farmers in nine districts, where UBI is lead bank, would get waiver and relief worth Rs 36 crore.

A major chunk of the benefit (30 per cent) would be given to the farmers in Uttar Pradesh where UBI is the lead bank.

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