The Hindu : Andhra Pradesh News : NABARD package for tsunami victims

Online edition of India's National Newspaper
Wednesday, Dec 29, 2004

Andhra Pradesh

Andhra Pradesh

NABARD package for tsunami victims

By Our Staff Reporter

HYDERABAD, DEC.28. The National Bank for Agriculture and Rural Development (NABARD) has prepared a special financial package to provide relief to tsunami-affected people in the State.

It will restructure/reschedule between five and nine years the loans keeping in view the repayment capacity of borrowers.

According to a press release, the bank will provide corresponding refinance support. Under the special package, it will extend 100 per cent refinance to all categories of banks irrespective of loan amounts involved for the affected persons.

Special concessional interest rate of 4.25 per cent is being offered so as to enable the banks provide loans to the ultimate borrowers at 7 per cent interest.

Aid for fishermen

The bank will offer investment finance to fishermen for a period ranging from three to five years for purchase of nets, boats and engines.

The release has stated that the district development managers posted in the affected districts have been told to keep in close liaison with the district administration/banks and assist them in maintaining the credit flow.

It said the bank was watching the situation and would come out with suitable schemes if required to ameliorate the suffering of the people in line with the decisions taken at the special SLBC meeting on Monday.

Printer friendly page
Send this article to Friends by E-Mail

Andhra Pradesh