NABARD firms up modalities of loan waiver package for farmers

Mumbai, Jun 4 (UNI) The National Bank for Agriculture and Rural Development (NABARD) today firmed up modalities of debt waiver and relief package to farmers, amounting to Rs 71,000 crore, announced by Union Finance Minister P Chidambaram in this year's budget.

NABARD, at a meeting of CEOs of State Cooperative Banks, highlighted the need to complete the scheme as scheduled, before the end of this month so that fresh loans could be provided to farmers in distress and put them back on track.

Addressing the meeting NABARD Managing Director K G Karmakar said, ''The past of Cooperatives have been uneven, but we ensure a better future.'' He advised them to calculate the amounts to be written off by June 30, 2008, so that fresh finance can be ensured to the farmers.

NABARD Chairman U C Sarani, highlighting the rise and fall of the Cooperatives said, ''Never before the sector has seen so much activity as in last four years. There was acute incidence of distress among the farmers, which should be the exclusive concern of the credit delivery system and specially the Cooperatives.'' He advised them to work out the cash flows statement and credit requirement of the farmers before June 30, 2008. Fresh loan must be ensured to the distressed farmers to put them back on track, as is the mandate of the Government of India, Mr Sarani said.

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