In an attempt to further subsidise short-term crop loan to farmers, the Union Cabinet on Friday approved release of Rs 4,868 crore to public sector banks. The decision will ensure that farmers, in general, receive short-term crop loan at 7% per annum (5% for prompt payers) with an upper limit of Rs 3 lakh on the principal amount during 2010-11. "The Union Cabinet today gave its approval for the release...
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After waiver, loans at 5% for farmers next on agenda by Mahendra Kumar Singh
At a time when agriculture production has become key to economic expansion, the Union Cabinet on Friday will consider a proposal to fulfill its promise of crop loans at a cheaper rate of 5% to farmers who make timely repayment. In the current year's budget, finance minister Pranab Mukherjee had proposed to give up to 2% interest rate subvention to farmers who do not default on their repayments, making the...
More »Blueprint for farm growth by Mohan Dharia
Acting with determination and firm action, it should be possible for India to step up its agricultural growth rate to 10 per cent. The 11th Five Year Plan seeks to achieve 4 per cent growth rate in agriculture by the end of the Plan period. The Planning Commission is working towards an overall 9 per cent to 10 per cent growth rate. But the target of 4 per cent growth rate is...
More »The banking woes of an “excluded” community by Vidya Subrahmaniam
Banks have designated red zones where the vast majority of Muslim clusters fall. This fact is confirmed by the rash of banking-related complaints received by the National Commission for Minorities. A little over a year ago, Ali Arshad, a resident of Okhla in Delhi, went to a well-known private sector bank to open a bank account. He thought his case would be fast-tracked because he had a banking background, he worked...
More »Ryot repays double of loan sum, yet gets notice! by Ramu Bhagwat
Vidarbha Jan Andolan Samiti, which is spearheading a campaign against the defunct Land Development Bank's forcible recovery drive from farmers in distressed western Vidarbha, has disputed the government claim that only big and habitually defaulting farmers are being targeted. Buttressing their charge that LDB was charging usurious rates, VJAS has highlighted the case of Purshottam Ingle of village Tigoan in Wardha, who borrowed Rs 2,90,000 in 2001 from LDB by...
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