The Hindu : Karnataka / Bangalore News : State planning cut in interest rate on loans granted to self-help groups

Online edition of India's National Newspaper
Friday, Oct 20, 2006
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Karnataka

Karnataka - Bangalore

State planning cut in interest rate on loans granted to self-help groups

Special Correspondent

BANGALORE: The State Government is contemplating a reduction in the interest rate from 12 per cent to 8 per cent on loans granted to self-help groups by nationalised banks and cooperative societies.

This was announced by Chief Minister H.D. Kumaraswamy after a meeting of officials here on Thursday. The nationalised banks have been charging an interest rate of 12 per cent on loans given to SHGs. The Government would reimburse to the commercial banks and cooperative societies the difference in interest rate (eight per cent) on loans, he said.

The Government had decided to expedite works on pending railway projects such as Gadag-Bagalkot, Hubli-Ankola, Bangalore-Mysore and Mangalore-Bangalore. The deputy commissioners had been instructed to acquire the required land for doubling the gauge lines, he said.

On the bad condition of national highways, he said the National Highway Authority of India (NHAI) would be urged release funds or take up road repairs.

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