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Bangalore
SBM launches debt waiver
BANGALORE: State Bank of Mysore has launched Agricultural Debt Waiver and Debt Relief Scheme 2008. According to a press release, the bank would cover 1.5 lakh farmers waiving a total of Rs.1050 crores, of this, Rs. 450 crore will be waived in respect of small and marginal farmers and relief of Rs. 600 crore in respect of other farmers. Small and marginal farmers who had availed themselves of agriculture loans prior to March 31, 2007, which are overdue as on December 31, 2007 and outstanding as on 29 February, 2008 are eligible for waiver under the scheme. In case of other farmers, 25 per cent of the overdue loan amount or Rs. 20,000 whichever is higher, is eligible for relief provided the borrowers repay 75 per cent of the outstanding loans. — Special Correspondent
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