UP Sah Gram Vikas Bank’s relief to members of deceased loanees

Uttar Pradesh Sahkari Gram Vikas Bank has launched the interest relief scheme for the family members of deceased loanee members. The scheme will be applicable till 31st December 2023. Under the scheme, the family members of deceased loanee members will get the rebate in interest.

While launching the scheme, Uttar Pradesh Cooperation Minister JPS Rathore said, “In the interest of farmers, UP Sahkari Gram Vikas Bank launched ‘Debt Redemption Scheme for Deceased Loanee Members-2023. The scheme will be implemented in a phased manner”.

“In the first category, the loan disbursed before March 31, 2003, the family members of deceased loanee members will be able to close the account by depositing the remaining principal amount and will get the 100% interest rebate. In the second category, the loan was disbursed between April 1, 2003 to March 31, 2013, the family members of deceased borrowers can close the account by depositing 25 percent interest along with the residual principal amount. In this way they will get 75 percent rebate on interest”, Rathore said.

In the third and last category, the family members of deceased loanee members who took out a loan from April 1, 2013 to March 31, 2023, can close the account by depositing 50 percent interest along with the residual principal amount. In this way they will get a 50 percent discount in interest.

Rathore further apprised that there are about 45039 such loan accounts in UP Sahkari Gram Vikas Bank. A total amount of Rs 1263 crore is outstanding in these loan accounts including principal amount of approximately Rs 282.00 crore and interest of Rs 981 crore. Through this scheme, the members will get an interest rebate of Rs 756 crore.