Indian Bank to waive off Rs 600 cr agri loans

Coimbatore, Jun 15 (UNI) The nationalised Indian Bank will waive off farm loans to the tune of Rs 600 crore, benefitting 1.25 lakh farmers across the country, Bank Chairman and Managing Director M S Sundara Rajan said today.

The loan amount that would be waived off in Tamil Nadu was Rs 350 crore, he told newspersons here.

The 820-odd branches of the bank had already started working out the details on the loan waiver scheme that would be completed and implemented before June 30 this year.

The bank would also start issuing new loans to the farmers as agriculture was the major sector in the country, he said, adding that Indian Bank, which is the Lead bank in 14 districts in southern parts of the country was planning to provide loans to 7.5 lakh farmers for the next crop besides extending loans to carpenters and painters to obtain modern equipment.

Asked about education loan extended by the bank, he said loans to the tune of Rs 1,100 crore had been provided to more than one lakh students.

Stating that 100 new branches of the bank would be opened up this year, he said 150 new ATMs would be opened apart from the existing 617 ATMs of Indian Bank in the country.

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