Amendment status not verified — confirm the current text below against the official source.
Special provision for settlement of certain loans taken by an agriculturist from banks.—(1) Notwithstanding anything contained in this Act or in any law or contract or decree or order of any Court or Tribunal, the Government may with the concurrence of the Reserve Bank of India or NABARD,— (a) reschedule of short term loans into medium term loans and medium term loans into long term loans of the debts availed of by agriculturists from commercial banks or other scheduled banks, or (b) provide necessary facilities for one time settlement of agriculture loans falling under the category of non-performing assets, as per the guidelines issued by the Reserve Bank of India, or (c) waive penal interest as per the norms fixed by the Reserve Bank of India. (2) Where any settlement of loan is made under sub-section (1), the agriculturist shall be bound to repay such loan with interest to the bank concerned within the period allowed by such bank.