Date:05/06/2008 URL: http://www.thehindubusinessline.com/2008/06/05/stories/2008060552380605.htm

Back Syndicate Bank drive

Bangalore, June 4

Syndicate Bank has taken up the implementation of the debt waiver scheme on a war footing.

At the special State Level Bankers Committee meeting here , Syndicate Bank's Executive Director, Mr George Joseph, called on all the member banks in Karnataka to finalise the scheme before the end of the month. He said that the impact of the debt waiver scheme on Syndicate Bank was estimated at Rs 1,000 crore.

The scheme allows for complete waiver of loans to small and marginal farmer. In the case of other farmers, Mr Joseph explained that the farmer would be allowed a one-time settlement scheme, where a 25-per cent rebate would be extended. The remaining 75 per cent of the outstanding loan would have to be settled in instalments before September 2009. - Our Bureau