The Hindu : National : NABARD credit package

Online edition of India's National Newspaper
Thursday, Dec 30, 2004

National

National

NABARD credit package

By Our Special Correspondent

CHENNAI, DEC. 29. The National Bank for Agriculture and Rural Development (NABARD) has announced a credit package for rehabilitation of people affected by tsunami.

NABARD will provide 100 per cent refinance to all categories of banks for extending loans to fishermen for purchase of nets, boats, engine etc., irrespective of the loan amounts involved. Restructuring/rescheduling of existing loans of the affected people over five to nine years will be allowed, keeping in view the repayment capacity of the individual borrower.

Refinance will be provided to banks at a concessional interest rate of 4.25 per cent to enable them to extend loans to the ultimate borrower at seven per cent interest.

District Development Managers of NABARD have been requested to keep in close liaison with the district administration concerned and assist them in maintaining credit flow.

Employees of NABARD have decided to donate a day's salary to the Prime Minister's Relief Fund for the victims.

"NABARD will come out with suitable schemes, if required, to alleviate the suffering of tsunami-affected people, once decisions of the Special SLBC (State Level Bankers' Committee) meetings being convened for the purpose are available", says a release from the bank.

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