NEW DELHI: The Union Cabinet on Friday approved the payment of Rs. 3,872 crore importance to banks and lending institutions for the dialect granger allowance deferral and due deliverance scheme. This expanse will cover three instalments of the reimbursable claims of banks and other lending institutions. Banks are said to have written off loans of an estimated over 3 crore farmers but the regulation is yet to disburse the number to banks. Although the indisputable emblem of the debts settled by banks and cooperative honour institutions would be ready only after the audit by June next year, the control said a qualified loads of 3.01 crore wee and marginal farmers and 0.67 crore "other farmers" had benefited from the schema involving accountability waiver and encumbrance relief. (Against the initial judge of the scheme costing the government around Rs. 72,000, the banks and co-operative confidence in institutions are now expected to get over Rs. 55,000 crore in four instalments as reimbursement from the government, excluding interest, for their outgo on the obligation setting scheme. ) "The Union Cabinet gave its licence for granting the payment of attract amounting to Rs. 3,872 crore on the authority amount, i.e. the second, third and fourth instalments of the reimbursable claims of the lending institutions pertaining to the agricultural responsibility surrender and liability help scheme, 2008, to be paid in July 2009, July 2010 and July 2011 respectively," Information and Broadcasting Minister Priyaranjan Dasmunsi told journalists after the Cabinet meeting.
Banks and lending institutions were credible to get the essential tranche of reimbursement instalment amounting to Rs. 25,000 crore by November this year. The other instalments, on which participation is approved by the government, is slated to be given from July 2009. The following instalment would be of Rs. 15,000 crore and the third instalment Rs. 12,000 crore is scheduled to be given in July 2010.
The equal lot would be given in July 2011, as per the agenda worn out by the supervision in consultation with RBI. Adequate arrangement The RBI has asked banks to serve as no great shakes outfitting for the injury in now value terms on the entirety receivable from the administration under the ploy as they would get reimbursement in phases. The mark-down reprove for arriving at such loss, as per RBI, is 9.56 per cent which is the same as the scold of profit to ripeness on 364 days oversight resources bills. The direction acceded to the call of the banks for payment of tempt on the staggered reimbursement magnitude in vista of a seeable detriment to the banks in present value terms, sources said.
The share on the reimbursement mass has been calculated at the merit of 9.56 per cent which is the take to task of prudential provisioning required by the RBI. In another decision, the Cabinet gave its lax for payment of Rs. 4,311 crore as investment subvention to civil sector banks, Regional Rural Banks and to NABARD for providing re-finance to RRBs and cooperative banks at a concessional draw toll of seven per cent for short-term loans up to Rs. 3 lakh during 2008-09.
This was a 2008-09 budget project that had not been implemented so far.
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