Kerala - Kozhikode   

Short-term farm loans at 4 per cent interest

Staff Reporter

KOZHIKODE: Cooperation Minister G. Sudhakaran said here on Saturday that the Government proposed to disburse short-term agricultural loans at 4 per cent interest by 2007.

The Minister was inaugurating the Gandhi Road branch of Calicut Town Service Cooperative Bank Ltd.

Mr. Sudhakaran said Cooperative banks would reduce the interest rates of education loans by 2 per cent. The Government was now charging 6 per cent for short-term agricultural loans from July 1 to October 31. Though there were instructions from the Centre to levy only 7 per cent interest for agricultural loans for the period April 1 to June 30, cooperative banks in the State levied interest of 9 per cent. The Government would instruct banks to levy 7 per cent for short-term agricultural loans during this period (April 1 to June 30), he said.

The Cooperation Minister said three banks in Kerala figured among the10 best cooperative banks in the country — Kozhikode, Ernakulam and Palakkad. M. Bhaskaran, Mayor and president of the bank, presided over the function. A. Pradeep Kumar, P.M.A. Salam, MLAs; P.T. Abdul Latheef, Deputy Mayor; M. Mehboob, president, Kozhikode District Cooperative Bank; and T.V. Girija, joint registrar, Cooperative Department spoke.

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