The Hindu Business Line : Nabard cuts interest rates

THIRUVANANTHAPURAM: The National Bank for Agriculture and Rural Development (Nabard) has announced cuts in interest rates on loans to State Governments, keeping in view the declining trend in interest rates.

Accordingly, the interest rate on loans to State Governments would be reduced from 9 per cent to 7 per cent for loans under the Rural Infrastructure Development Fund (RIDF) IV to VII, and to 6.5 per cent for RIDF VIII and IX.

The revised rate of interest is effective November 1, 2003.

Announcing this, a Nabard spokesman said here that he expected the Kerala Government to expedite the implementation of projects already sanctioned and submit more projects in order to strengthen rural infrastructure in the State.

So far, the refinancing institution had sanctioned Rs 1,115 crore to Kerala under various tranches of RIDF in respect of 3,040 projects, of which the State Government had utilised Rs 597 crore as on date.

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