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Mar 26, 2015
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Reserve Bank on loans in areas hit by natural calamity
The Reserve Bank of India (RBI) told banks on Wednesday to adjust insurance proceeds in restructured accounts for loanee farmers during natural calamities.
A National Crop Insurance Programme (NCIP) has been implemented from 2013. Loanee farmers are compulsorily covered under the NCIP component scheme as notified by state governments. RBI, in ‘Guidelines for relief measures by banks in areas affected by natural calamities’, said while restructuring of loans in such areas, the lenders should also take into account the proceeds, if any, receivable from the insurance company.
Source -
http://www.business-standard.com
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