Thiruvananthapuram : , Dec 30, 2012 – After many rounds of negotiations between the Kerala government and bank officials, the state minister announced that a once settlement package was in place which will give support to Rs 500 crores.Due to the high costs of production and unavailability raw nuts in Kerala, the one-time-money spinning cashew business has suffered.
They have long sought assistance from the Left-led PinarayiVijayan government.
In 2019, the Vijayan government made its first intervention.
Since then, there have been frequent meetings with all parties.
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Rajiv, Minister of State Industries on Thursday stated that this program would be beneficial to those who are cashew farmers and have taken out loans up to Rs 10 million.
The new deal will eliminate interest on loans above Rs 10 crore made by the cashew sector.
Additionaly, borrowers who took loans up to Rs 2.35 crore may close their accounts by paying 50% of the capital.
Those who borrowed between Rs 2 and Rs 10 crore have to repay 60% before the account can be closed.
Officials of the State Level Bankers Committee point out that this settlement will offer relief to many people involved in cashew industry to the tune Rs 500 crore.
All accounts that have become NPA by March 31, 2020 will be eligible for this scheme.
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