Indian Bank writes off farm loans

Pudukkottai, Tamil Nadu, Jul 4: The nationalised Indian Bank has written off farm loans to the tune of Rs 551 crore under the debt relief scheme across the country.

The waiver included Rs 348.52 crore in Tamil Nadu, benefiting as many as 1,76,791 farmers, according to bank sources. The sources said loans disbursed between March 31, 1997 and March 31, 2007, overdue as on December 31, 2007 and loans remained unpaid as on February 29, 2008 had been written off.

While the entire outstanding dues had been written off in the case of small and marginal farmers, the big farmers got a waiver equivalent to 25 per cent of the dues, the sources added.

UNI