Govt to pay banks interest for farm debt write-off

Reuters
Posted: 2008-10-03 14:24:46+05:30 IST
Updated: Oct 03, 2008 at 1424 hrs IST

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New Delhi, October 3:: The Union Cabinet approved Rs 38.72 billion in interest payments to banks for loans write-off under the farm debt waiver scheme, Information and Broadcasting Minister Priyaranjan Dasmunsi said on Friday.

Banks have already written off the loans of million of poor farmers but the government is yet to disburse the amount to banks.

On Wednesday, a Finance Ministry official said the government would seek parliament's approval to release Rs 250 billion to state-run banks to fund its farm debt write-off scheme in the current fiscal year and the money would flow to banks by November.

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Govt to pay banks interest for farm debt write-off

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