Is Andhra Pradesh government lying in claiming that Reserve Bank of India (RBI) has agreed for rescheduling of crop loans? May be Yes! RBI Deputy Governor R. Gandhi on the sidelines of the Financial Sector Conclave- FINSEC 2014 organised by FICCI on Monday said that they are yet to formally give nod for the rescheduling.

“We have asked both Telangana and AP governments to come back with full details and we are still awaiting those details,” Mr. Gandhi told the media. He also said there were standing guidelines and norms for rescheduling of crop loans in the event of natural calamities and disasters and they will be strictly followed. However AP Agriculture Minister Prathipati Pulla Rao said to media that they are expecting the letter of consent from RBI on Tuesday.

The Kotayya committee formed to look in to the loan waiver scheme will submit its reports in two days after receiving RBI’s guidelines for rescheduling. Chandra Babu Naidu is expected to decide the amounts to be reimbursed basing on that. Government sources say the entire process will be complete by the end of this month.