The A ndhra Pradesh State Co-operative Bank (Apcob) has announced a relief package for the farmer members of the credit co-operatives in view of the severe drought situation during the year 2002-03. The package constitutes waiver of interest on khariff 2002 crop loans upto March 2003 in the drought affected areas in the state.
There is no linkage of repayment of principl amount. Interest rebate of five per cent on khariff 2002 will be provided in areas other than drought-affected areas, in case the principal and interest are fully repaid on or before July 31,2003.
In case of medium term and long term loan instalments, the waiver or rebate will be provided if the instalments are fully repaid on or before August 20, 2003, except for minor irrigation and horticulture loans for which the repayment date was extended to December 31, 2003.
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In case of medium term and long term loans of other than minor irrigation and horticulture, penal interest waiver upto three per cent and three per cent reduction on overdue instalments will be provided if the overdue instalments are repaid fully on or before August 20, 2003.
The same benefit is extended for minor irrigation and horticulture loans if instalments are repaid on or before December 31, 2003. For short term overdue loans, the penal interest waiver and three per cent reduction will be applicable if they are fully repaid by December 31.
The bank has also decided that branch level meetings will be completed by July 15 involving branch staff of the district cooperative banks, chairmen and secretaries of the primary agriculture cooperative societies.