Tuesday, 27 December 2016

Grace time to repay crop loans to benefit 5 lakh farmers: SBI

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In a relief to farmers hit by demonetisation, the Reserve Bank on December 26 gave an additional 60 days to repay their crop loans due in November-December and said that prompt repayment would be eligible for the extra 3 percent interest subsidy. Dinesh Kumar Khara, Managing Director & Group Executive ((Associates & Subsidiaries), State Bank of India said the grace period is a relief for farmers who had problems selling their crop post demonetisation and from the bank’s point of view, around 5 lakh farmers would benefit from this extension scheme. 

He said the small and medium enterprises prefer to avail the cash credit facility more than loans which have to be repaid on a particular date. When asked if the deposits for the banks had gone up post deposits, he did not reveal the exact number but said CASA number had gone up but a decision on rate cut would be discussed in the ALCO meeting.

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