Southern States - Tamil Nadu   

SBI gesture to farmers

By Our Staff Reporter

TIRUCHI Oct. 15 . The State Bank of India has decided to convert all short-term farm loans ranging to the tune of about Rs. 400 crores, along with interest, into medium-term loans in the State, taking into consideration the severe drought conditions, the Chief General Manager (Development Banking), Corporate Centre, Mumbai, M.A. Krishnan, has said.

Speaking to presspersons here on Saturday, Mr. Krishnan said the loans procured for the last kuruvai and the current samba crop seasons and other horticulture crops of the drought-affected areas would be covered.

The bank's headquarters had already given instructions to its branches.

So far, banks used to convert only the principal amount of short-term loans into medium-term in case of natural calamities.

The SBI was the first bank to include the interest also.

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