SBI to organise farmers' meet on June 8 to understand their credit need

Meeting will be organised at the bank's 15,500 rural and semi-urban branches across India

Ahead of the kharif season, the country's largest lender State Bank of India (SBI) on Tuesday said it will meet nearly 10,000 farmers to understand their credit need and provide finance.

The meeting will be organised at the bank's 15,500 rural and semi-urban branches across the country on June 8.

During the meeting, branches will receive applications for fresh loans as well as for renewal or enhancement of existing loan, the bank said in a statement in Mumbai on Tuesday.

"In view of the upcoming kharif season, we have instructed branches to actively pursue lending to farmers in line with the scale of finance fixed for various crops," SBI Managing Director (national banking group) Rajnish Kumar, said.

For crop loans up to Rs 3 lakh, the effective interest rate is only 4 per cent per annum, if the repayment is made on time, he said.

Last year, the agriculture sector witnessed a growth of 4.1 per cent and the trend is likely to continue.

"As the MeT department has predicted a normal monsoon, we expect credit off-take to be good this season," he added.