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Nabard
cuts refinance rates
Our Banking Bureau
31 October 2001
 Mumbai:
The National Bank
for Agriculture and Rural Development (Nabard) has reduced its
interest rates on refinance by 0.5 per cent. The revised rates
will be effective from 1 November.
Nabard chairman YC Nanda
said the bank had taken the decision to cut interest rates across
the board by 0.5 per cent in view of the economic slowdown. Nabard
hopes that banks would take the advantage of reduction of interest
rates and increase the flow of credit to  agriculture
and rural development activities.
The rate of interest for
minor irrigation and wasteland development for commercial banks
and urban cooperative banks has been reduced to 8 per cent from
8½ per cent for all slabs.
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