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Deposit, lending rates for RIDF restructured

MUMBAI SEPT. 19. The Reserve Bank of India has restructured the deposit and lending rates for the undisbursed amounts of Rural Infrastructure Development Fund (RIDF) IV to VII with effect from October 1.

As per the revision, banks would be paid 8 per cent interest on their contribution to RIDF IV-VII, the RBI said in a release here today. The state governments would be required to pay 9 per cent on the undisbursed amount of these tranches in RIDF, the apex bank added. The domestic scheduled commercial banks, both public and private, are required to contribute an amount equivalent to the extent of shortfall in achieving the priority sector or agriculture lending target to RIDF.

PTI

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