The Kerala Bank has launched a special loan scheme for select watersheds in Palakkad district with the support of the National Bank for Agriculture and Rural Development (NABARD).
The Kerala Bank will provide farmers in watershed areas loans at 6% interest rate up to five years. NABARD will provide the Kerala Bank loans at 3% interest rate.
Bank officials said it was the first such project in the State. Farmers can avail themselves of the loan under the special refinance scheme not only for agriculture, but also for housing and small-time businesses. Twenty-odd watershed project areas of NABARD in the district will be considered for the loan.
Kerala Bank director A. Prabhakaran, MLA, inaugurated the scheme at a function held at the bank’s regional office here on Friday. The bank’s board of management member P.A. Ummer presided. NABARD chief general manager P. Balachandran, Kerala Bank chief executive officer P.S. Rajan, and NABARD district development manager Kavita Ram spoke. Kerala Bank general manager Preeta K. Menon welcomed the gathering. Deputy general manager Deepa Jose proposed the vote of thanks.
