Financial Daily from THE HINDU group of publications
Sunday, Feb 17, 2002
Financial Daily from THE HINDU group of publications Sunday, Feb 17, 2002 |
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Agri-Biz & Commodities
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Agricultural Institutions Nabard reduces refinance rates Our Bureau
MUMBAI, Feb. 16 NABARD has cut interest rates on refinance for loans above Rs 2 lakh for farm mechanisation, rural godowns, setting up of agriclinics and agribusiness centre from the existing rate of 10 per cent to 8.5 per cent per annum, making it a uniform rate for all loans above Rs 25,001. The refinance rate for loans up to Rs 25,000 will be 7.5 per cent per annum for commercial banks ( CBs), primary urban co-operative banks (PCBs) and Regional Rural Banks (RRBs) while State co-operative banks (SCBs), State co-operative agriculture and rural development banks (SCARDBs) will be charged 7 per cent. In case of loans for minor irrigation and wasteland development the refinance rate is 7.5 per cent per annum for all banks for all slabs. However for loans up to Rs 25,000, SCBs, SCARDBs will be charged 7 per cent. In case of other loans, the interest rate on NABARD refinance is 7.5 per cent per annum and 7 per cent per annum for loans up to Rs 25,000 for CBs/PCBs/RRBs and SCBs/SCARDBs respectively, while an uniform rate of 8.5 per cent and 10 per cent per annum is fixed for loans from Rs 25,001 to Rs 2 lakh and above Rs 2 lakh respectively to the banking sector.
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