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Package of Relief Measures to the Vidarbha Region in Maharashtra

RBI/ 2006-07/ 74
RPCD.PLFS. BC. No. 12 /05.04.02 (Vidarbha)/ 2006-07                 

July 17, 2006

The Chairman/Managing Director/ Chief Executive Officer,
Commercial Banks operating in Vidarbha Region. 

Dear Sir,

Package of Relief Measures to the Vidarbha Region in Maharashtra

In order to mitigate distress of farmers in the six debt-ridden districts of Vidarbha, the Hon’ble Prime Minister has announced the following rehabilitation package in respect of agricultural credit:

a) The Package is applicable to the districts of Amravati, Wardha, Yavatmal, Akola, Washim and Buldhana.
b) The entire interest on overdue loans as on 01.07.2006 will be waived in the above mentioned six districts and all farmers will have no past interest burden as on that date, so that they will be immediately eligible for fresh loan from the banking system.
c) The overdue loans of the farmers as on 01.07.2006 will be rescheduled over a period of 3-5 years with a one-year moratorium.
d) An additional credit flow of Rs.1275 crore will be ensured in these six districts.

 

2. The burden of waiver of overdue interest will be shared equally by the State and Central Governments in such manner as the Central Government may specify in respect of its share of 50% of the waived amount. While apportioning the overdue interest as above, due care will be taken to offset releases if any, already made by the State Government on this count.

3. You are, therefore, advised to ensure that all the farmers' loan-accounts, which are overdue as on July 01, 2006, are rescheduled on the lines of the package and the interest thereon (as on July 01, 2006) is fully waived. Fresh finance may be ensured to such farmers. The total amount of credit of Rs. 1275 crore envisaged to be released by banks will be allocated by Bank of Maharashtra (as SLBC Convenor ) among the banks functioning in the districts.

4. The amount of interest waived may be advised to the SLBC Convenor

Bank and to us in the enclosed format ( Annex – I) in order to enable us to reimburse the same. While the branches may provide information to the Controlling / Head Office as per Annex – III, the latter may maintain branch-wise information in the format given in Annex –II for the purpose of RBI Inspection and Audit.

Yours faithfully,

( R.Sebastian)
General Manager


ANNEX I

Certificate for claiming reimbursement towards interest on overdue agricultural credit outstanding as on July 01, 2006.

Name of the bank:

(Amount in Rupees)

Number of accounts
of overdue loans

Principal amount
outstanding
as on July 01, 2006,.
since rescheduled,

Amount of interest
overdue as on
July 01, 2006 on
the loans shown
in column 2

Of which reimburs-ement
already received from
State Govt.

Reimbur-sement of
net interest now
claimed

(1)

(2)

(3)

(4)

(5)

 

 

 

 

 

 

 

We hereby certify that the amount of interest being claimed as shown above, have been correctly calculated in conformity with the Reserve Bank of India Circular letter RPCD. No. PLFS.BC.12/05.04.02(Vidarbha)/2006-07 dated July 17, 2006. We undertake that in the event of any inaccuracy detected later during audit or otherwise, we shall immediately refund to the Reserve Bank any excess amount received by us.

 

(Authorised Signatory)

Place

Date


Annex II

Data to be kept with the Bank's Head Office for verification/scrutiny by Auditors/RBI inspectors

(Amount in Rupees)

Sr.

No.

Branch name
and code

Amount outstanding
as on July 01, 2006
in respect
of overdue loans

Amount of interest
overdue as on
July 01, 2006 on the
loans shown in column 4

Of which reimbursem-ent
already received from State Govt.

Reimbursement of
net interest now
claimed

   

No. Of
A/cs

Amount

     

(1)

(2)

(3)

(4)

(5)

(6)

(7)

 

 

 

 

 

 

 


ANNEX III

Format for Branches to provide Information in respect of interest waived on overdue agricultural loans outstanding as on July 01, 2006 to their Controlling/Head Office

Name of the branch

Branch Code

(Amount in Rupees)

Sr.

No.

Name of
the borro-wer

Account
No.

Agricultu-ral loans
overdue &
outstand-ing as
on July 01, 2006

Amount of interest
overdue as on
July 01, 2006 on the
loans shown in column 4

Of which reimbursement
already received from
State Govt.

Reimbur-sement of
net interest now
claimed

(1)

(2)

(3)

(4)

(5))

(6)

(7)

 

 

 

 

 

 

 

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