April 27, 2012 12:13 PM

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Restore interest rate back to 6.5% in Rural Dev Fund: Jaya to PM

The Tamilnadu Chief Minister Ms.J.Jayalalithaa has requested Prime Minister Dr.Manmohan Singh to personally intervene and restore the interest rate of 6.5 percent instead of 8% in the Rural Infrastructure Development Fund of the National Bank for Agriculture and Rural Development. In a letter to the Prime Minister today, Ms.Jayalalithaa has said that Tamilnadu has a bank sanction of Rs.2184 crores which would be drawn in 2012-13 and subsequent years. She has pointed out that the amount was borrowed only on the basis that the lending rates would remain reasonable.’The Chief Minister has expressed anguish at the revision of the interest to 8 % by the RBI for those projects which have already been sanctioned in the previous years.

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