Begin typing your search above and press return to search.
Shocking rules in RBI proposal of rescheduling
By: Tupaki Desk | 17 July 2014 9:34 AM GMT
It’s known that Reserve Bank of India gave its consent on rescheduling of crop loans of Andhra Pradesh farmers for about three years. In a letter addressed to AP State Government, the RBI sought to know whether it can repay the amount after three years. It also sought complete details pertaining to farmers to be covered and quantum of amount and period from when it wants to implement.
But here comes big shocker from RBI.The apex bank imposed many restrictions on loan rescheduling and according to available sources here are some among them
1. Rescheduling will be applicable only for the loans taken between April 1st 2013 and 27th October 2013.
2. Loan reschedule will not applicable for gold loans taken by the farmers.
3. Rescheduling will be applicable for only those Mandals or districts prone to natural disasters and drought
4. At the time of rescheduling, the farmers should have paid remaining loans in time.
5. The loans will be still in Farmer’s name until the loans repaid by the government,
Given the above rules, the beneficiaries will be very less and the amount will be less than 10000 Crores. Andhra Pradesh government is planning to request the RBI to give away the above rules by citing the state’s economic condition.
But here comes big shocker from RBI.The apex bank imposed many restrictions on loan rescheduling and according to available sources here are some among them
1. Rescheduling will be applicable only for the loans taken between April 1st 2013 and 27th October 2013.
2. Loan reschedule will not applicable for gold loans taken by the farmers.
3. Rescheduling will be applicable for only those Mandals or districts prone to natural disasters and drought
4. At the time of rescheduling, the farmers should have paid remaining loans in time.
5. The loans will be still in Farmer’s name until the loans repaid by the government,
Given the above rules, the beneficiaries will be very less and the amount will be less than 10000 Crores. Andhra Pradesh government is planning to request the RBI to give away the above rules by citing the state’s economic condition.
