Nabard projects 25% jump in priority sector loans in Maha at Rs 6.34 trn

Nabard on Monday projected a 25 per cent surge in priority sector lending in Maharashtra in FY24 to help agriculturists, small businesses and other marginalised sections of society.

In the annual 'state credit seminar' held in the presence of Chief Minister Eknath Shinde, the National Bank for Agriculture and Rural Development launched the 'state focus paper' detailing a comprehensive credit potential of Rs 6,34,058 crore for priority sector in the state, according to an official statement.

The projections include a credit flow of Rs 1,56,873 crore to the farm sector and Rs 3,54,854 crore to micro, small and medium enterprises, the statement said.

Speaking at the seminar which was also attended by his deputy Devendra Fadanvis, bureaucrats, bankers and officials from the RBI, Shinde advised the banks to ensure maximum hassle-free credit flow to farmers as envisaged in the potential credit plan and address regional imbalances.

There is a need for financing of agri-infrastructure and promotion of integrated farming system particularly in suicide-prone regions of Marathwada and Vidarbha, the statement quoted Shinde as saying.

Fadnavis pitched for a separate scheme for providing last mile connectivity to farmers' fields through village roads to help farmers in market access and better returns, the statement said.

Ajay Michyari, the regional director of Reserve Bank of India advised all the banks to increase credit to agriculture sector especially for agri-allied and agri-infrastructure to improve post-harvest facility for farmers, as per the statement.