Kerala Knocks At Nabard's Doors For Rs 630 Cr Loan

Thiruvananthapuram, March 24 | Updated: Mar 25 2004, 05:30am hrs
Kerala government has knocked at the doors of Nabard for Rs 630 crore loan to tide over drought situation in the farm sector. The state co- operative minister MV Raghavan, who met Nabard chairperson Ranjana Kumar in Mumbai this week had appraised her of the losses to the tune of Rs 503.5 crore in the farm sector in the preliminary estimates.

Ms Ranjana Kumar is understood to have given in-principle nod to swap short-term crop loans to medium-term and long-term loans. However, she had insisted that the state should go for a declaration of Annavari areas, sources told iFEr.

Annavari declaration is the undertaking to be made by district collector, on the basis of the state agriculture ministry's recommendations, that there has been a crop loss of over 50 per cent in a particular area. On the Rs 630 crore loan, the bank is yet to make any commitment, sources said.