Union Bank completes farm loan-waiver process

July 1st, 2008 - 9:04 pm ICT by IANS  

Kolkata, July 1 (IANS) Union Bank of India (UBI) Tuesday announced that it has completed the process of waving farm loans across 1,600 rural, semi-urban and urban branches all over India before the June 30 deadline. The bank’s list has names of 268,000 farmers who are eligible for a waiver of debts totalling Rs.7.13 billion.

It found 84,000 farmers eligible for 25 percent relief, which amounted to Rs.2.48 billion.

Kolkata branches gave an amount of Rs.23.42 million to 686 farmers and identified 30 farmers eligible for relief amounting to Rs.1.04 million.

UBI would start the process of re-financing eligible farmers from the first week of July.

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