Govt to lower bank loan interest for farmers to 5%

New Delhi, Sept 13 (UNI) After announcing a Rs 66,477 crore farm debt waiver and relief scheme to benefit 36.4 million farmers across the nation, the UPA government today commited to bring down bank loan interest for farmers to five per cent.

The announcement was made by Minister of State for Agriculture, Consumer Affairs, Food and Public Distribution Akhilesh Prasad Singh at a function here.

Speaking at 'Warehousing 2008', he said the government had brought down the rate of interest on bank loans to farmers from a high of 15 to seven per cent and added, ''we are committed to bringing the interest rate further to five per cent''.

On successful implementation of the Warehousing (Development and Regulation) Act, Dr Singh said his ministry was evolving a set of rules and regulations to achieve the objective. It will set up a regulatory authority to oversee certification and accreditation of warehouses to enable them to issue warehouse receipts.

UNI SAA SR PM2002