The Hindu : Business : Central Bank gears up for debt waiver scheme

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Friday, Jun 13, 2008
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Central Bank gears up for debt waiver scheme

Corporate Reporter

The scheme will benefit a large number of farmers
To expedite the process before month-end

CHENNAI: Central Bank of India has aggressively launched the agricultural debt waiver and debt relief scheme and has geared up its entire machinery to implement the scheme.

Addressing presspersons here on Thursday, Albert Tauro, Executive Director of the bank, said the scheme would benefit 4.30 lakh farmers involving an amount of Rs. 1,300 crore under debt waiver category and more than 80,000 farmers involving an amount of Rs. 200 crore under debt relief category.

The bank was hopeful of completing the modalities and identifying the borrowers who would benefit from the scheme before the end of this month.

Mr. Tauro, who was on a visit to some rural branches in Tamil Nadu with a view to expediting the process, said the beneficiaries under the scheme were more since the bank had two thirds of its total branches in rural and semi-urban areas all over the country.

On an initial estimate, in Tamil Nadu it was expected that around 31,647 farmers covering a sum of Rs. 71.52 crore would benefit from debt-waiver scheme.

In addition about 6,232 farmers covering a sum of Rs. 19 crore would benefit under the debt relief scheme, Mr. Tauro said.

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