Kathmandu, January 20:

Agriculture Development Bank Ltd (ADBL) has waived around Rs 2 billion under the government’s loan-waiver programme.

It has received 74,492 application to waive loan upto Rs 30,000. The total amount waived stands at Rs 1.2 billion in principal and Rs 110 in interest.

Similarly, the bank received 1,114 applications for the interest waiver of upto Rs 1,00,000 above Rs 30,000. The total interest amount waived stands at Rs 83 million, it said.

The government has in its budget for the fiscal year 2008-09 spelled out the loan waiver programme upto Rs 30,000 and interest-waiver from Rs 30,000 upto Rs 1,00,000, for the conflict hit and natural disaster-hit farmers.

Addressing the first formal programme — the 42nd anniversary of the ADBL — after his appointment as the 14th governor of the central bank, he said that in order to move towa-rds rural-oriented economy, “we need to sacrifice.”

The newly appointed governor urged employees to work honestly to achieve the double-digit economic growth rate.

He also urged the banks to go to rural areas as the future of the country lies in development of villages.

At present the bank has to work for agriculture development and compete with modern private commercial banks as well.

It serves its over 4,00,000 clients from 241 branches and sub-branches.