STOCK MARKET BSE NSE

OSCSC asks Cooperative bank to reduce interest rate on loan

The reduction in interest rate on short term loan was in response to the request made by the OSCSC on September 3.

Published: 13th September 2021 08:20 AM  |   Last Updated: 13th September 2021 08:20 AM   |  A+A-

Money

For representational purpose.

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp