Tuesday, December 28 2004 20:40 Hrs (IST) - World Time -

Mumbai: National Bank for Agriculture and Rural Development (NABARD) has announced a special financial package to provide relief to the Tsunami-affected people, including fishermen in various parts of the country.

The package includes investment finance for a period ranging between three to five years for purchase of nets, boats and engine to fishermen, NABARD said in a release in Mumbai today (Dec 28, 2004).

The bank would restructure and reschedule the existing loans of the affected persons between five to nine years keeping in view of repayment capacity of the individual borrowers and it would provide corresponding refinance support, the release said.

"For this special package, NABARD would provide 100 per cent refinance to all categories of the banks irrespective of loan amounts involved for the affected persons," it said.

Refinance would be provided at a special concessional interest rate of 4.25 per cent so as to enable the banks to provide loans to the ultimate borrower at the interest rate of seven per cent per annum, it said.

District Development Managers of NABARD posted in the affected districts have been requested to keep in close liaison and assist the district administration and banks in maintain credit flow, it said.

Meanwhile, employees of NABARD have decided to donate their one-day's salary to the Prime Minister's Relief Fund for the victims, it added.