Haryana cuts interest rate on crop loans

Chandigarh, Apr 20 (UNI) The Haryana government today decided that the Cooperative Banks in the state would advance crop loans to the farmers at an interest rate of seven per cent per annum with effect from April one.

This was announced by Chief Minister Bhupinder Singh Hooda while reviewing the working of short term cooperative credit structure in the state here today.

The decision would benefit more than 12 lakh farmers in the state, an official spokesman said.

The Chief Minister said if there were any losses on account of implementing this decision by the Cooperative Banks then the state government would bear the entire loss.

He said his government had also allowed interest subsidy at the rate of two per cent to the farmers on the agriculture short term loans advanced during the last financial year.

UNI MA RL KN2004