STATE

OSCSC asks Cooperative bank to reduce interest rate on loan

By Express News Service

BHUBANESWAR: With the National Bank for Agriculture and Rural Development (NABARD) reducing the rate of interest on short term loans from 5.8 per cent (pc) to 5.5 pc per annum, the Odisha State Civil Supplies Corporation (OSCSC) has requested the State Cooperative Bank to revise its interest rate.

The reduction in interest rate on short term loan was in response to the request made by the OSCSC on September 3. “We advise that the interest rate applicable on the entire credit limit of `4,000 crore sanctioned to you and also the outstanding on the previous year’s limit has been revised from 5.5 pc to 5.5 pc at monthly rest,” said a NABARD letter to OSCSC Managing Director.

The revised interest rate will be applicable from September 9. “We request you to avail the unutilised balance in the account and also submit sanction request for the balance limit,” said NABARD DGM SR Panda.The State-run corporation also sought the help of the government.

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