UCO Bank waives Rs.26 bn in farm loans

July 1st, 2008 - 3:33 pm ICT by IANS  

A file-photo of P. Chidambaram

Kolkata, July 1 (IANS) Kolkata-based UCO Bank has waived agriculture loans totalling Rs.26.25 billion, its chairman and managing director S.K. Goyal has said. The loan waiver is in accordance with Finance Minister P. Chidambaram’s Agricultural Debt Waiver and Debt Relief Scheme.

Of the total loan amount written off, UCO Bank’s home state West Bengal accounted for Rs.1.77 billion.

Goyal distributed debt relief and waiver certificates to 100 farmers at a function here Monday.

The bank selected 282,953 beneficiaries through 1,294 branches across the country; of this, 98,250 farmers are from West Bengal.

The beneficiaries will now be able to take fresh loans from any of the scheduled banks from Tuesday for farming activities.

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