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Lower interest for farmers repaying loans on time: FM

Union finance minister Pranab Mukherjee on Saturday announced that farmers who have taken loans....

Written by Press Trust Of India | Berhampur (west Bengal) |
August 30, 2009 2:01:47 am

Union finance minister Pranab Mukherjee on Saturday announced that farmers who have taken loans and repaid them on time will pay one per cent less interest than the market rate. Such farmers will pay interest at the rate of 6 per cent against the existing 7 per cent rate. The remaining one per cent would be borne by the Centre,he said.

The finance minister,who was inaugurating a branch of the United Bank of India at Jangipur near here,said within a year 3.25 crore farmers will get Kisan Credit cards and will be eligible for agricultural loans.

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