Finance Minister P Chidambaram today said he had asked for withdrawal of the SBI circular on stopping loans for purchase of tractor and other farm equipments, as it was poorly worded and not justified.


</p><tr><td><p class='TableClas'></p><P class='TableClas'><DIV CLASS=rightDiv><script language="JavaScript">
		google_ad_client = 'businessstandard';
		//google_ad_client = 'ca-businessstandard_js';
		google_ad_width = 200;
		google_ad_height = 200;
		google_ad_format = "200x200_as";
		google_ad_type = "text";
		google_ad_channel = "";
		//google_color_border = "FFFFFF";
		google_color_border = "F7F7F7";
		//google_color_bg = "FFFFFF";
		google_color_bg = "ffffff";
		//google_color_link = "639ACE";
		google_color_link = "0253B7";
		google_color_text = "000000";
		google_color_url = "D63431";
		//google_skip = adsenseSkip;
		</script> 
		<script type="text/javascript" src="http://pagead2.googlesyndication.com/pagead/show_ads.js">
		</script> </DIV><p class='TableClas'>"That circular was poorly worded and misunderstood. I asked my secretary to advise the bank to withdraw it," he told reporters here.</P>
</p><p class='TableClas'>He said loans must be given and recovered but there is a proper method of doing it. </P>
</p><p class='TableClas'>"I don't think that the circular was justified," he said, adding that the best the thing was to withdraw it.</P>
</p><p class='TableClas'>The country's largest lender SBI had yesterday withdrawn instructions to its branches advising them to stop fresh loans for purchase of tractors and other farm equipment, since defaults on these had mounted<BR></P></p><p class='TableClas'></p></table>


SBI circular withdrawn on FM's instructions

More From This Section

Steel policy on cards to iron out woes

ED slaps Rs 99-cr penalty on IPL team Rajasthan Royals

Rlys cuts spending on metro projects

Budget won't be the sole ratings driver, says Fitch

Explore News