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Centre raises interest subvention for crop loans
Special Correspondent
CHENNAI: The Central Government has decided to increase the interest subvention for crop loans to three per cent from two per cent for 2008-09.
The subvention of three per cent will be available to public sector banks (PSBs), co-operative banks and regional rural banks (RRBs) on their own funds used for short-term credit up to Rs. 3 lakh provided to farmers, says a notification from the Reserve Bank of India (RBI). The amount of subvention will be calculated on the amount of the crop loan disbursed from the date of disbursement/drawal up to the date of repayment or up to the date beyond which the outstanding loan becomes overdue, whichever is earlier.
This subvention will available to banks only if they make available short-term credit at the ground level at seven per cent annually.
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