Crop loans to be rescheduled

images3Chief Minister Yeddyurappa,briefing the media after a State  Level Bankers’ Committee(SLBC) meeting, said at this juncture his Government was not in a position to waive off farm loans. “I should have enough money before making an announcement. As of now the Government’s attention isonly on rescheduling of loans and providing shelter for the affected”,he said.

The State government convened the meeting at a short notice to involve the bankers inproviding relief and succour to the flood-victims. The CM said all commercial banks had agreed to reschedule crop loans and also issue fresh loans. Short term loans would be converted into ediumterm loans and medium-term loans into long-term loans.They would hold credit camps to provide loans to the victims.Besides, they had decided to simplify the procedure to encash the relief-cheques, he said. The Government had been issuing only crossed cheques, which would be credited to accounts of the payee. As most of the victims had no bank accounts they were finding it difficult to realise their cheques. The banks had decided to open zero-balance accounts with minimum verification of records. Moreover, they would not charge commission for DDs to relief fund for flood victims.