RBI increases grace period for farmers
DSIJ Intelligence / 27 Dec 2016
The Apex bank of the country has provided some relief to farmers who were facing the wrath of demonetisation. Reserve Bank of India has provided relief to those farmers whose short-term crop loan payment falls due between November 1 to December 31.
The Apex bank of the country has provided some relief to farmers who were facing the wrath of demonetisation. Reserve Bank of India has provided relief to those farmers whose short-term crop loan payment falls due between November 1 to December 31. Now these farmers will get an additional 60 days grace period to repay the loans due to liquidity crunch which demonetisation created.
On the other hand, RBI also notified that interest rebate would be applicable to farmers who have their repayment due from November 1 to December 31. According to the crop loan interest rebate scheme 2016-17, apart from two per cent annual rebate, an additional interest rebate of 3 percent is also provided if the farmer repays the loan on the actual date of repayment or the date fixed by banks for repayment, whichever is earlier.
On the news, PSU banks are which are trading marginally negative are expected to turn in green.The markets on the other hand are trading in green. As on 9.26 am, Sensex is up by 37 points and Nifty by 5.50 points.
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