Finally here is the official word. Apex bank of the country, Reserve Bank of India (RBI) has agreed in principle for the loan rescheduling proposal of Andhra Pradesh and Telangana. RBI however sought more details on this issue. The bank has asked the governments is they can repay the money back in 3 years. RBI also asked the governments to send the details of the beneficiaries.
The bank has agreed to do the rescheduling for 3 years while the governments have requested for 7 years option. As soon as the letter is received, AP Finance ministry officials have sat for an emergency meeting in Secretariat. They are bringing up information from the banks. AP government is planning to request RBI at least for 5 years since the state is under financial doldrums. The government will also ask RBI regarding the reschedule of DWACRA loans.
The Kotayya committee formed to look in to the loan waiver scheme will submit its reports in two days after RBI finalizes the guidelines for rescheduling. Chandra Babu Naidu is expected to decide the amounts to be reimbursed basing on that. TDP sources say the entire process will be complete by the end of this month.