Haryana cuts interest rate on crop loans by 2 per cent

Chandigarh, Apr 20 (UNI) The Haryana government today decided to slash the interest rate on crop loans to the farmers by the Cooperative Banks in the state from nine to 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 last financial year.

UNI MA SY KN2028