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Madurai, June 29

Indian Overseas Bank (IOB) has waived Rs 724 crore at national level benefiting 3.89 lakh farmers under the agricultural debt waiver and debt relief scheme 2008 launched by the Centre, said Mr S.A. Bhat, Chairman and Managing Director of the bank. On the sidelines of distributing the prescribed certificate of waiver to eligible farmers of Kanadukathan branch, he said as for Tamil Nadu, the figures stood at 2.35 lakh farmers for a waiver to the tune of Rs448 crore. The ben eficiaries needed to fulfil three conditions as prescribed by the Government, in that, the loans should have been disbursed before March 31, 2007 , become overdue by December 31, 2007 and remained as outstanding on February 29, 2008, he said.

— Our Bureau

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IOB waives Rs 724 cr on farm loans

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