Chandigarh, 30 May 2020 - The Punjab State Cooperative Agricultural Development Bank Ltd. (PSCADB) has taken two major initiatives to provide relief to the farmers/ loanee /members on account of lockdown, curfew and other disruptions in the wake of COVID-19 pandemic. The bank has extended the current recovery season Rabi 2020 from 30.06.20 to 31.07.20 & waived penal interest w.e.f. 01.03.2020 in case of all those borrowers who pay their entire defaulter amount and regularise or close their loan account during this recovery season i.e. by 31.07.2020.
Chairman of the Bank Sh. Kamaldeep Singh Saini has expressed that both these initiatives will help the farmers/loanee to pay back their loans without becoming defaulter due to COVID-19 lockdown. In this time of economic crisis, the scheme of penal interest waiver will directly benefit the farmers. It is pertinent to mention that PSCADB has been aiding farmers by providing Agricultural based loans on simple rate of interest since 1957.