Indian Bank to issue crop loans at concessional rate

Hyderabad, Jun 19 (UNI) The Indian Bank today announced short term credit to farmers at a concessional interest rate of seven per cent per annum.

A release from the bank claimed it was first in the country to introduce the scheme pursuant to Union Finance Minister's announcement and Reserve Bank of India's (RBI) directive to ensure provision of short term credit at concessional rate for amounts up to Rs three lakh.

The bank had extended the loans to all eligible farmers khariff and rabi this year.

About 1.5 million farmers in the country would benefit from the scheme leading to enhanced agricultural production and productivity.

The Centre would provide interest subvention of two per cent per annum to banks in respect of implementation of the scheme, it said.

UNI BR JJ GM 1810