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NT Bureau
Chennai, Dec 27:

        Chief Minister M Karunanidhi today announced a cut in the interest rates for loans in cooperative banks in the State.

        An official release said that after considering the representation of the beneficiaries of loan from cooperative banks for non-agricultural reasons, the Chief Minister ordered a reduction in the rate of interest from 18 to 12 per cent.

        More than four lakh people who had taken loan from Primary Agricultural Co-op Bank, Central Co-operative Bank, Primary Agricultural and Urban Development Bank and the Tamilnadu State Cooperative Bank (TNSC Bank) would be benefitted to the tune of Rs 100 crore, as a result of the government move.

        At least 25 per cent of the loan outstanding should be paid before 31 March 2007. An agreement could be entered into with the bank and the remaining 75 per cent of loan money must be paid on or before 30 June 2007. The offer of cut in interest rates is applicable only if the loan amount is paid back according to the government fixed dates, the release added.