In
order to provide relief to bank borrowers in times of natural calamities,
Reserve Bank of India has issued standing guidelines to banks. The relief
measures, inter alia, include conversion of the principal amount outstanding in
the crop loans and agriculture term loans as well as accrued interest thereon
into term loans for period ranging from 3 to 10 years depending upon the
frequency of crop failures/intensity of damage to crops; treatment of
converted/rescheduled agri-loans as ‘current dues’, non compounding of interest
in respect of loans converted/rescheduled, moratorium period of at least one
year, while restructuring; relaxed security and margin norms; fresh crop loans
and consumption loans for affected farmers.
The National Bank for Agriculture and Rural Development (NABARD) has reported that the Government of Andhra Pradesh has vide their GO No. MS 2 dated 2.2.2013 declared 371 Mandals in 9 districts, viz., East Godavari, Krishna, West Godavari, Khammam, Guntur, Srikakulam, Visakhapatnam, Viziangaram and Prakasam as Nilam Cyclone, heavy rains and floods affected.
The
State Level Bankers’ Committee (SLBC) of Andhra Pradesh has reported that they
have discussed the matter in their meeting held on 07.03.2013 and advised all
Banks to take up relief measures to the affected farmers as per guidelines of
the Reserve Bank of India (RBI). The matter was also discussed in the District
Coordination Committee (DCC) meetings and Banks were advised by Lead District
Managers (LDMs) of Lead Bank in the District, accordingly.
This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today.
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