Nabard announces Rs 58K crore crop credit plan this year
MUMBAI: National Bank for Agriculture and Rural Development (Nabard) announces a Rs 58000 crore crop credit plan for the current year, up from the last years Rs 52000 crore. In the annual credit seminar meeting with the chief minister Devendra Fadnavis, senior banking officials said that the participation of the commercial banks have been increasing while there was a need to strengthen the district co-operative banks who are in the state of despair and this state of theirs is affecting the loan disbursement targets.
For the year 2017-18 for crop loan a provision of Rs 58,862 crore was made, while for term loan for agriculture Rs 18,997 crore will be made available and Rs 3541 crore for agriculture and allied activities.
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While Fadnavis welcomed the greater allocations, he said that there was a need to look at how the farmers who have been out of the credit system for defaulting their loan payments can be made credit worthy again and for which a committee has been created under the chairmanship of additional chief secretary finance and members of the RBI, NABARD and the state level banking committee.
"There is a need to ensure that the banks employ enough staff and machinery to assist farmers during the credit season. We have noticed that sometimes to rationalize staff there are no enough people to help the farmer when he comes for a loan which makes him want to seek loans from private institutions," said Fadnavis. He also said that rather than looking at achieving the targets the banks should try to cover more number of farmers, to widen their net.