Mumbai, May 23 (UNI) The Reserve Bank of India (RBI) today advised scheduled commercial banks (including Local Area Banks) to take necessary action towards implementation of the Agricultural Debt Waiver and Debt Relief Scheme for farmers at the earliest.
It has advised them that implementation of the Scheme should be completed by June 30, 2008.
It may be recalled that Union Finance Minister P Chidambaram in his Budget for 2008-09 had announced a debt waiver and debt relief scheme for farmers, for implementation by all scheduled commercial banks, besides RRBs and co-operative credit institutions, a RBI release said.
The Scheme would cover direct agricultural loans extended to 'marginal and small farmers' and 'other farmers' by Scheduled Commercial Banks, Regional Rural Banks, Cooperative Credit Institutions (including Urban Cooperative Banks) and Local Area Banks.
UNI AR OBB VKG2121