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Special Scheme for relief to the farmers Indebted to non institutional lenders (debt swap)

Objective:

To help the indebted farmers to redeem their outstanding dues to money lenders and to mitigate acute distress faced by farmers due to heavy burden of debt from non institutional lenders at unrealistic rates.

Scope:

  1.  Loanee farmers The scheme would cover the farmers those who are having borrowing from the Branch provided they are regular in repaying loan with interest in the past.

  2.  Non loanee farmers

The scheme would also cover the non-loanee farmers provided they are not defaulters to any bank and they are within the service area of the Bank Branch.

Eligibility:

Farmers those who have taken loan from non institutional sources and want to come out of the clutches of moneylenders/non institutional sources.

1.  The credit will be provided to all farmers including tenant cultivators and oral lessees.

  2.  Farmers are required to satisfy the bank regarding indebtedness from money lenders.

  3.  They should not be defaulter to any bank.

Limit:

For Loanee farmers:

Those farmers who are enjoying production/investment credit facilities with branches will continue to enjoy the same in addition to this, the branches should extend term loan to the farmers equal amount of dues payable to the moneylender, subject to :-

  1.   income generation of farmer from Agriculture and Other sources

  2.   Repaying capacity of the farmer.

For non-loanee farmers:

Bank will extend term loan to the farmers equal to the dues payable to moneylenders after complying with eligibility criteria. Farmers production and investment credit requirements would also be considered under the scheme.

Security:

Upto a limit of Rs.50,000/-	Hypothecation of standing crop/ Hypo. of assets created out of Bank Finance.
Limit above Rs.50,000/-	i) Hypothecation of standing crop/ Hypo. of assets created out of Bank Finance and ii) Mortgage of land or collateral security in the form of LIC policy/ NSC/ Term Deposits, etc. iii) Suitable third party guarantee.

Repayment: Loanee farmers:

   1.   Existing facilities to be recovered as per the stipulation in the proposal

   2.   For the term loan sanctioned for payment of moneylender dues – which will be recovered in instalments taking into account the income generation from the farm and repaying capacity of the farmer.

   3.   Maximum repayment period should be 3-5 years.

Non loanee farmers :

For the term loan sanctioned for payment of moneylender dues – which will be recovered in instalments taking into account the income generation from the farm and repaying capacity of the farmer.

Maximum repayment period should be 3-5 years.

Announcement

Analyst Meet Presentation for 31.12.2011

Reviewed Financial Results for the period ended 31.12.2011

Notice of Board Meeting

Analyst Meet Presentation for 31.12.2011 Reviewed Financial Results for the period ended 31.12.2011 Notice of Book Closure for Bonds

Chairman & Managing Director's Message & Address

Bank of India has decided to abolish prepayment charges on home loans for both fixed and floating rate loans across all tenures for existing as well as new borrowers

Watch recorded webcast of Analyst Meet-30.09.2011

Watch recorded webcast of Press Meet-30.09.2011

Financial Results for the quarter / half year ended 30th September 2011

Analyst Meet Presentation-30.09.2011

Festiva l offer – Rate of interest reduced on Home Loans & Auto Loans.

Watch webcast of 106th foundation day

Bank has decided to increase the Bank’s Base Rate from 10.00% p.a. to 10.75%p.a. and BPLR from 14.25% p.a. to 15.00% p.a. with effect from 28.07.2011.

The Managing Committee of the Indian Banks’ Association has appointed Shri Alok K Misra , Chairman and Managing Director, BANK OF INDIA as Deputy Chairman of the Association

Pension Calculator is available on Knowledge Portal front page

Press release launching of Mobile Based Remittance, Urban Financial Inclusion and two factor Authentication

Notice for Debit and ATM cardholders

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