Bank of Maharashtra contributes Rs 2.5 crore for Maharashtra drought relief

MUMBAI: Bank of Maharashtra has contributed Rs 2.51 crore towards drought relief to the chief minister's Relief Fund of Maharashtra. The cheque was handed over to CM Prithviraj Chavan by Narendra Singh, chairman & managing director of the bank, in the presence of senior bank officials Thursday.

A press statement issued by Bank of Maharashtra pointed to the fact that the state is reeling under the worst drought of the last 40 years. Approximately 123 talukas out of the total 353 are facing severe drought conditions. The state government has initiated multiple programmes, including drinking water supply through tankers, to cater to this basic requirement of residents in the affected villages. Yet, news reports have shown that there are villages in Jalna that receive water once in 33 days.

Bank of Maharashtra as convener of the State Level Bankers' Committee (SLBC) claims it has taken various initiatives for farmers. It has agreed to sanction fresh loans to existing as well as new borrowers to resume productive activities immediately.

It also plans to restructure existing loans with a further extended repayment period of upto five years. It will also provide the affected farmers various types of term loans for developmental purposes such as minor irrigation, and purchasing bullocks and milch cattle. The bank said it will ensure the rehabilitation of small-scale and cottage units, sanction need-based consumption loans without any collaterals and empower branch managers with adequate discretionary powers to speed up the rehabilitation process.

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