Thiruvananthapuram: Kerala State Cooperative Agricultural and Rural Development Bank has programmed to extend loans to the tune of Rs 400 crore for various schemes in the current year.

Of this, Rs 164 crore will be made available for new agricultural development projects and land development schemes, while Rs 100 crore has been earmarked for starting industrial ventures and for buying vehicles under the non-agriculture head.

Bank president K Sivadasan Nair says the bank, which had become one of the frontline housing finance agencies in the state, will disburse Rs 146 crore in this sector during the current year.

The bank will introduce a gold loan scheme this year for the benefit of the farmers who are members of the primary agricultural and rural development banks in the state. With a ceiling of Rs 50,000, the loan will be available for periods of three and six months and one year, and depending on the duration of the period, the interest rates will vary between 10 and 11 per cent.

Nair says the interest on interest levied on the arrears due to the agricultural and rural development banks will be fully waived from 1 July.