P. Chidambaram

Karaikudi: The interest rate on short-term crop loans would be slashed to 7 per cent, the Union Finance Minister, P. Chidambaram, announced on Sunday.

Speaking at a Bank of Baroda function in Puduvayal near here, he said an official order would be issued within two to three days to all banks.

Mr. Chidambaram said the decision was taken to help farmers get loans with a low rate of interest.

It would help them get loans for the `kuruvai' and `samba' season.

He said information about the cut in interest rate on the short-term crop loans should reach every nook and corner of the country.

All stakeholders should spread the message.

Mr. Chidambaram said the Central Government had taken several steps to woo all sections to use the services of banks.

The C. Rangarajan Committee, which was formed to find ways and means to attract more customers to banks, was studying the issue. Based on the committee's report, the Government would announce new initiatives.

Appeal to Chief Minister

Speaking at another function at the Saraswathi Vidyalaya Higher Secondary School, Puduvayal, after declaring open additional buildings constructed under the MPLAD scheme, Mr. Chidambaram appealed to the Tamil Nadu Government to make Tamil a compulsory subject.

All those who were studying in Tamil Nadu at various levels should study the language.

He hoped that the Chief Minister, M. Karunanidhi, would make this effective from the next academic year itself.

Similarly, the State Government should pass an order to make students compulsorily go to the library at least one hour a week.

Assurance

K. R. Periakaruppan, Minister for Hindu Religious and Charitable Endowment, said he would extend full cooperation to the Finance Minster to boost the overall development of the Sivaganga district.

The banks should extend loans to farmers to take up planting in the forthcoming season.

M.A. Siddique, Collector, Sivaganga district, N. Sundaram, MLA and others spoke.

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