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State Bank of India has announced a one-time farm loan settlement scheme worth 6,000 crore rupees primarily for tractors. SBI in a tweet said, One Time Settlement is announced for Agriculture Loans and the Scheme is valid until 31st of this month. Nation’s largest lender urged farmers to contact their branch for details & benefits.
Managing Director of the bank Rajnish Kumar said the loans disbursed before 2011 and falling under doubtful or loss category accounts as of September 2016, will be considered under the scheme. The MD said other agri loans like kisan credit cards and other term-loans for tractors and farm loans may also be covered under the scheme. Mr. Kumar informed that SBI’s total farm loan portfolio is 1.25 Lakh Crore rupees and tractor loan book is about 6,000 crore rupees.