RBI gives conditional nod for rescheduling crop loans

The Reserve Bank of India has accorded in-principle nod to the proposals of Andhra Pradesh and Telangana governments to reschedule crop loans but sought detailed information from both the States on the quantum and the number of beneficiaries likely to be benefited by the moratorium.

In principle, they have agreed for rescheduling and requested for additional information, official sources confirmed here on Wednesday.

The Andhra Pradesh government has decided to send the details to RBI by Wednesday night itself, the sources indicated.

It is learnt that the RBI in a letter addressed to respective Chief Secretaries sought to know the number of beneficiaries to be covered under the scheme to reschedule crop loans, the quantum of loans to be rescheduled and the number of such accounts.

It is learnt that the RBI wanted to limit the repayment period to three years as against AP government demand for a moratorium of seven years.

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