Staff Reporter

Tamil Nadu component is Rs.348.52 crore

PUDUKOTTAI: 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.

Stating this after handing over the debt waiver certificates to the farmers at the branches Keezhanilaikottai and T. Pudupatti villages near here recently, the Executive Director of Indian Bank, A. Subramanian, explained the norms for waiver of the debt.

Loans disbursed between March 31, 1997 and March 31, 2007, overdue as on December 31, 2007 and loans remaining unpaid as on February 29, 2008 had been written off.

Quantum of waiver

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.

Mr. Subramanian said that the Bank’s “IB Smart Card” and “Reverse Mortgage Scheme” were popular among the customers.

Closure certificates

He also gave away certificates of closure of loan accounts to the farmers on the occasion along with a copy of the letter written by Prime Minister Manmohan Singh on the debt relief scheme. Mr. Subramanian handed over papers for fresh loans to the beneficiaries.

Deputy General Manager and Circle Head R. Ravi spoke.