The National Bank for Agriculture and Rural Development (NABARD) has effected an interest waiver as post-demonetisation relief measure for farmers who availed themselves of short-term crop loans from cooperative banks.
The NABARD said the relief follows the Centre’s decision to grant interest waiver for two months, November and December 2016, on all short-term crop loans disbursed by cooperative banks from April 1, 2016 to October 30, 2016.
The interest waiver is for loans that were outstanding during November and December 2016. The interest waiver is deposited upfront to the extent of 4 per cent in the loan accounts of the farmers concerned. Necessary guidelines have been issued by NABARD to all the cooperative banks for immediate implementation of the interest waiver.
The eligible farmers can avail themselves of the benefit through their cooperative banks, NABARD said.