Leading bank stops Issuing loans for Farm equipments
India’s largest bank, State Bank of India stops issuing loans to the farmers for buying farming equipment like tractor,power tiller etc as NPA(non performing asset)under this section is highest than other section.
In a circular issued last Friday from Mumbai, bank has mentioned the rising of non performing asset in this section ( currently Rs 6000crore ) allow them to make this decision.
Moreover now farmers are benefited by Rs 60000 crores wavier on farm loan which was announced by Union Ministry this year during budget.
Branches of the banks are told to get defaulting farmers to use the wavier to repay the loan.
Tags: Loan , Bank , Farm Equipment Loan , Section
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