New Delhi, Aug. 23: The ministry of commerce and industry in collaboration with the Reserve Bank of India has announced a concession package to help coffee growers.
The package, announced by Union commerce and industry minister Murasoli Maran, is an improvement on the “special coffee term loan” (SCTL) announced earlier this year.
The salient features of the loan now include extension of restructuring the special term loans till nine years and above. Earlier, the concerned banks spread it over seven to nine years after making an assessment of the merit of individual cases.
In another major concession, banks have been given the freedom to extend the moratorium period for the payment of the principal component of the loans from a period of two to three years, provided servicing of interest is also undertaken by the debtors concerned.