The Hindu Business Line : RBI concedes coffee growers' demands

In a meeting of bankers in Bangalore on Friday, the RBI Deputy Governor, Mr Vepa Kamesam, agreed to the coffee growers' demands but left the final decision to the individual banks.

The meeting also cleared up some grey areas in the relief package announced earlier, said Mr G.C. Chandra Mohan, President, All India Coffee Industry Action Committee.

Coffee growers are now assured of a moratorium of 2-3 years on repayment of loans without interest, depending on the banks.

All loans will be consolidated under one scheme — the special coffee term loan package including estate purchase, vehicle and housing loans taken under the agricultural loans scheme and loans that became NPAs after March 31, 2001.

Banks can also choose to reschedule the repayment over a longer period — from the current 9 years to 12-14 years.

Mr Chandramohan said the committee would continue its demand for interest waiver. "Now, we will take it up with the Government," he said.

Send this article to Friends by E-Mail

Stories in this Section
Banks rescheduling farm loans

Call to tap marine exports potential

Rubber arrivals gather pace

Upasi draws blueprint for tea futures

Upasi upset over TMCO revival

Mixed trend at Kochi tea sale

Dry spell may hit cotton

Soyabean output prospects brighten

Wheat farmers urged to shift to oilseeds

Coconut oil import seen impacting domestic trade

RBI concedes coffee growers' demands

Drought likely to affect cane, oilseeds production in Karnataka