Canara Bank to waive Rs 1,400 cr agri loans

Bangalore, Jun 30 (UNI) Canara Bank will waive about Rs 1,400 crore of farm loans benefiting 4.64 lakh small and marginal farmers through its branches in the country,a top official said here today.

Disclosing this at a function, Chairman and Managing Director M B N Rao said a total of 5.57 lakh farmers,including 1.09 lakh coming under one-time settlement, will stand to gain with waiver of 25 per cent of the loan amount. The balance will have to be paid in three instalments.

Speaking to reporters after handing over certificates of debt waiver to beneficiaries at the Harohalli Branch, Mr Rao, who retired from service today, said 1.57 lakh farmers who borrowed money from Canara Bank were from Karnataka.

Mr Rao said the bank had displayed the list of eligible farmers under farm loan waiver scheme in all its branches handling agriculture loans.

The scheme has been carefully thought, scientifically designed and systematically implemented to target those farmers who were really suffering.

From here onwards, the farmers should take pride in paying back the future dues without fail. This will only make the scheme successful and enhance the reputation of the farming community in the country.

''After this waiver you should come forward take fresh loans and increase the food production to help the country achieve a comfortable food security level. You should not always wait for loan waivers,'' he said.

Executive Director G S Vedi said the bank has made enormous efforts to extend the scheme to all eligible farmers without any discrimination and the list has been prepared carefully and checked by senior officials.

He requested the farmers availing fresh finance to be very prompt in repaying the dues which will enable them to utilise the banking facilities to the maximum.

UNI RS GM AK RAI1830