Tamil Nadu - Madurai

Banks implement loan waiver scheme in Madurai district

MADURAI: Banks in the district are in the process of implementing the Union Government’s Rs. 71,000-crore Agriculture Debt Waiver and Debt Relief Scheme 2008.

A public sector bank, Union Bank of India said that loans amounting to Rs. 13.67 crore of 5,731 farmers would be waived in the district. Another 1,797 farmers have been identified as eligible in the scheme accounting for Rs. 4.51 crore. The third largest public sector bank in term of branches, Central Bank of India, said that around 4.22 lakh farmers would be covered with a sum of nearly Rs. 1,200 crore likely to be waived across the country, a bank press release said.

In addition, 86,000 farmers are likely to be benefited accounting for nearly Rs. 200 crore. Several teams have been established at regional offices for monitoring and checking the details of borrower and amount involved.

The debt waiver component means that whoever is eligible would have their entire eligible loan amount waived. Under the relief component meant for ‘other farmers’ category, for farmers who own more than 5 acres, 25 per cent of the eligible amount would be waived, provided they pay back the remaining portion of the loan in three instalments.

© Copyright 2000 - 2009 The Hindu