SyndBank to waive Rs 1,063 cr farm loan

The process will be complete by July 15, 2008, as per the guidelines of the ministry of finance and the Reserve Bank of India.

The bank is extending debt waiver benefitting 280,027 marginal and small farmers to the extent of Rs 756.27 crore and debt relief to the extent of Rs 113,622 other farmers amounting to Rs 307.01 crore. In total, 393,649 farmers will get a total benefit of Rs 1,063.28 crore from Syndicate Bank branches, the bank said in a statement.

Altogether 1,352 branches, mostly in rural and semi-urban centers throughout the country, have actively participated in implementing the above scheme.

The bank has issued instructions to all the branches for extending fresh finance to the beneficiaries of agricultural debt waiver and debt relief scheme, to enable them to undertake kharif operations, in view of the fact that the monsoon has already set in several states and the farming operations have commenced.