NABARD cuts down loan interests
Source: Hueiyen News Service
Imphal, August 23 2014 :
With the objective of encouraging investment in Agriculture, National Bank for Agriculture and Rural Development (NABARD) has reduced its interest rates on loans to banks, General Manager of NABARD, Manipur regional office has said.
During a press meet at his Lamphelpat office chamber on Friday, General manager M.Soren of Manipur regional office of NABARD informed the media that interest for long term loans has been reduced by 20 basis points and interest for medium term loans has been cut by 50 basis points.
Interest for 5 year loans will be 9.3%, and that of 3-5 years is fixed at 9.50 %, he said and added that interest on loans from 18 months to 3 years will be 9.5% .
Moreover, NABARD shall give 50 basis point reduction for Area development projects and innovative activities which enhance production and productivity, the GM pointed out.
The rate of interest for crop loans under state cooperative banks and regional rural banks, and loans given by weavers' cooperative societies and Handloon development corporations has been set as 10% per annum, he disclosed, while informing that the new rates will be effective from August 14 last.
Meanwhile, R.Amalorpavanathan and H.R Dave have been appointed as Deputy Managing Directors of NABARD for a period of five years.