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Our Bureau

Chennai, June 11 Since the beginning of June, bank chiefs have been fanning into India interior.

It’s not a vacation or summer retreat but an inspection visit that is taking every bank Chairman and Executive Director to the rural branches of their respective banks.

For instance Mr O.P.Bhatt, Chairman of State Bank of India was in rural Madhya Pradesh while Mr M.S. Sundara Rajan, Chairman and Managing Director of Indian Bank, was in Vellore district of Tamil Nadu. They, along with many others, were going to various rural branches to flag off their banks’ implementation of the loan waiver scheme.

The Finance Minister has asked them to personally monitor the compilation of lists of farmers eligible for the farm loan waiver scheme announced in the Budget.

An amount of Rs 71,680 crore is to be waived off – comprising dues outstanding in bank books as of December 2007.

The deadline for compiling the lists has been fixed as June 20, so that the Finance Ministry can meet its promise to get the scheme going before June end. Around 4 crore farmers are expected to benefit from this waiver.

Some banks have come up with the numbers or initial estimates of waiver.

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Farm loans to be waived seen at Rs 71,680 cr

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