Naidu’s efforts pay off -RBI agrees finally!

Chandrababu naidu formers ap

The pressure of Chandra Babu led Andhra Pradesh government has worked on the Reserve Bank of India regarding the rescheduling of Farmers loans. Today Chandra Babu talked to RBI governor Raghu Ram Rajan this morning and later Chief Secretary IVR Krishna Rao had phone line meeting with RBI Deputy Secretary and later it was revealed that the apex bank has agreed for rescheduling of the loans. Andhra Pradesh Agriculture Minister Prathipati Pulla Rao confirmed this development.

According to the rescheduling, the loans of the farmers will be rescheduled to a period of 3-5-7 years. Government or Farmers will have to repay these loans in small amounts every year. However a higher interest rate will be collected after rescheduling. In this case as government promised loan waiver, the rescheduled amount will be paid by the government. The banks now will give fresh loans for farmers in Kharif season even with out repaying the loans.

RBI is expected to take the same decision regarding Telangana government’s request too. Loan Waiver is one of the prominent poll promises of Telugu Desam Party during the last elections. A detailed statement about the rescheduling process may be announced in tomorrow’s RBI General Body meeting in Chennai.

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