Banks to restructure loans for Aila-hit farmers

Banks in West Bengal have decided to restructure loans for farmers hit by cyclone Aila in North and South 24-Parganas districts.

At a recent meeting of the State Level Bankers’ Committee (SLBC) held here recently, the banks also decided to offer fresh crop loans and term loans to them for buying farm equipment, reclamation of saline land and allied activities.

The meeting was held under the aegis of United Bank of India in which senior officials of the Reserve Bank of India, Nabard, Sidbi and other commercial banks were present.

A source close to the development said the size of the relief package was yet to be finalised. Banks are also likely to extend moratorium and repayment periods for the affected borrowers.

They also decided to extend financial assistance to artisans, self-employed persons and micro- and small-scale units.