UBI forgos Rs 1,000 cr loan to farmers

Jaunpur, June 20: In a big relief to farmers across the country, the Union Bank of India (UBI) today announced to waive-off a hefty loan amount of Rs 1,000 crore of as many as 4.5 lakh farmers.

The announcement to this effect was made infront of media by UBI chairman and managing director M V Nayar, who was here today on an openeing ceremony of an ATM service at the bank's branch.

As per the proposal in the union budget of the current fiscal year, about 1,630 branches of the UBI will forgo the farmer's loan, he informed.

The UBI has a network of 2,500 branches and in Jaunpur alone, the bank will waive-off Rs 47 crore lending to the farmers, the UBI chairman added.

UNI