Berhampur, August 29: Union Finance Minister Pranab Mukherjee today announced that farmers who have taken loans and repaid them on time will pay one per cent less interest than the market rate.
Such farmers will pay interest at the rate of 6 per cent against the existing 7 per cent rate. The remaining one per cent will be borne by the Centre, he said.
The Finance Minister, who was inaugurating a branch of the United Bank of India at Jangipur near here, said within a year 3.25 crore farmers will get Kisan Credit cards and will be eligible for agricultural loans.
He said following the Sacchar Committee report on minorities, at least one bank will be opened in a minority predominant area where there were no banks.
Mukherjee disbursed loans amounting to Rs 2.20 crore to 2,222 farmers and members of self-help groups.
—Agencies