"That circular was poorly worded and misunderstood. I asked my secretary to advise the bank to withdraw it," he told reporters here.
He said loans must be given and recovered but there is a proper method of doing it.
"I don't think that the circular was justified," he said, adding that the best the thing was to withdraw it.
The country's largest lender SBI had yesterday withdrawn instructions to its branches advising them to stop fresh loans for purchase of tractors and other farm equipment, since defaults on these had mounted
