Financial Daily from THE HINDU group of publications
Friday, Jan 21, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 21, 2005 |
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Money & Banking
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Regional Rural Banks Agri-Biz & Commodities - Farm credit Malaprabha Grameena Bank, HMT Tractors in tie-up for soft loans Our Bureau
Mangalore , Jan. 20 MALAPRABHA Grameena Bank, Dharwad, has signed a memorandum of understanding (MoU) with HMT Tractors Ltd to provide financial assistance to farmers for the purchase of tractors through a concessional loan scheme. A bank release said here on Thursday the Chairman of the bank, Mr B.S. Surendra, and the Deputy General Manager of HMT, Mr A. Nageshwar Prasad, signed the MoU in Dharwad on January 19. Speaking on the occasion, Mr Surendra said the bank has plans to advance Rs 600 crore during the current financial year. Of this, Rs 378 crore is earmarked for priority sector lending. Under the agreement with the tractor company, farmers with six acres of irrigated land and 15 acres of dry land are eligible for finance. He said the bank has also reduced the margin money contribution to 10 per cent of the vehicle cost. Apart from this, the tractor company has agreed to provide minimum six services instead of the normal three to four services, he said. The General Manager of the bank, Mr G.R. Aithal, was present on the occasion, the release added.
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