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El Nino phenomenon: States must desist from loan waiver, says SBI’s ERD
Reported by: BusinessLine ·
Summary
BusinessLine reported that SBI's Economic Research Department (ERD) advised states to avoid loan waivers, citing potential agricultural production losses of 3.86 crore tonnes from the El Nino phenomenon. Instead, the ERD suggested states approach banks for loan restructuring, with governments sharing part of the cost. El Nino is a periodic warming of the Pacific Ocean that can disturb rainfall and farm output in India. A loan waiver cancels borrowers' repayments, while loan restructuring changes repayment terms, such as the timeline, so borrowers can pay over a longer period. The report gives the estimated output loss and the ERD's suggestion; it does not name any state or bank, or give a cost figure for the restructuring.
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BusinessLine · · Tone 0
El Nino phenomenon: States must desist from loan waiver, says SBI’s ERD
With potential agricultural production losses estimated at 3.86 crore tonnes, SBI’s Economic Research Department suggests that states approach banks for loan restructuring, with governments sharing part of the cost.
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