Agri bank waives penal interest - ECAS Punjab

Agri bank waives penal interest

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Chandigarh, October 21

Keeping in view the Covid-19 pandemic and precarious financial position of farmers in the state, the Punjab State Cooperative Agricultural Development Bank (PSCADB) has decided to waive penal interest during the recovery campaign-2020.

Cooperation Minister Sukhjinder Singh Randhawa said the entire outstanding penal interest would be waived in the loan accounts of those defaulters who pay their entire amount or close their loan account by December 31, 2020.

The minister further said all 89 agriculture banks in Punjab have around 69,000 defaulter farmers towards whom an amount of about Rs 1,950 crore and penal interest of Rs 61.49 crore is due. — TNS



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