Agriculture Credit

Boost credit flow to allied agri activities: FM Nirmala Sitharaman to RRBs

FM also directed Uttar Bihar Gramin Bank to increase credit flow to fisheries and foxnut (makhana) to realise the full potential of these activities in the region

SLCM, BoB tie up to provide collateral services for agricultural financing

Warehousing and collateral management firm Sohan Lal Commodity Management (SLCM) announced a strategic partnership with the state-owned Bank of Baroda on Wednesday to provide collateral management services for agricultural financing. The partnership will enable farmers to access credit against their crops through Bank of Baroda's nationwide network, the company said in a statement. SLCM reported its assets under management (AUM) rose 73 per cent to Rs 11,952 crore in the first half of fiscal 2024-25, compared to Rs Rs 6,911 crore in the year-ago period. SLCM Group CEO Sandeep Sabharwal said the company's Agri Reach technology and physical infrastructure will help minimise the default risk and improve financial access for the agricultural ecosystem. The company operates over 17,000 warehouses and 36 cold storage facilities across 19 Indian states, managing more than 1,080 commodities including cotton, pulses, and maize. SLCM currently maintains partnerships with more than 20 ...

Pre-budget wish list: Set up Credit Guarantee Fund for agri loans, says SBI

The SBI report said that this fund is expected to boost fresh agriculture credit multiple times

Agri credit crosses Rs 20 trn till Jan in FY24, sharp jump from 2013-14

The Modi government has enhanced the institutional credit into the agriculture sector sharply in the last 10 years, with banks disbursing Rs 20.39 lakh crores during the April-January period of this fiscal as against Rs 7.3 lakh crore in the entire 2013-14, according to a senior official. In the Budget for 2023-24 fiscal, the government set an agriculture credit target at Rs 20 lakh crore. Banks have already breached the target and the number could cross Rs 22 lakh crore this fiscal. To ensure the availability of agriculture credit at a reduced interest rate of 7 per cent per annum to the farmers, the Union Agriculture Ministry implements an interest subvention scheme for short-term crop loans up to Rs 3 lakh. The scheme provides interest subvention of 2 per cent per annum to banks on the use of their resources. Moreover, an additional 3 per cent incentive is given to the farmers for prompt repayment of the loan, thereby reducing the effective rate of interest to 4 per ...

Punjab National Bank raises profit guidance to Rs 7,500 crore for FY24

With a 253 per cent jump in the net profit in the third quarter, the bottom line of the bank in the three-quarters of FY24 crossed Rs 5,230 crore

2,000 Jan Aushadhi Kendras to be opened via Primary Agri Credit Societies

In the last nine years, around Rs 26,000 crores of poor people's money has been saved through the Jan Aushadhi Kendras

31 states, UTs adopted Primary Agricultural Credit Societies' model bylaws

Cooperation Minister Amit Shah on Wednesday said 31 states and Union Territories have adopted the model bylaws that aim to bring professionalism, transparency and accountability in the operation of Primary Agricultural Credit Societies (PACS). After incorporating the suggestions received, the model bylaws were circulated to all states/ UTs on January 5, 2023 for their adoption by PACS, he said. "Model bylaws have been adopted by 31 states/UTs," Shah said in a written reply to the Rajya Sabha. By adopting the model bylaws, PACS would be able to serve as multi-service centres, improve their operational efficiency, transparency and accountability and provide agricultural credit and various non-credit services in rural areas, he said. Further, this will help farmers in getting short-term, medium-term and long-term credit and other services such as fertilizers, seeds, pesticides, storage facilities, banking services, at one stop for meeting their varied needs. Farmers will also be able

Agri credit societies may convert wholesale petrol pump into retail outlet

In a major step to strengthen cooperatives, the government on Wednesday said the Primary Agricultural Credit Societies (PACS) having wholesale petrol and diesel dealership licence will be given a one-time option to covert their bulk consumer pumps into retail outlets. PACS will be given priority in allotment of new petrol/diesel dealerships to strengthen the cooperative movement in the country. PACS will also be able to get LPG distributorship. These decision were taken in a meeting held by Cooperation Minister Amit Shah with Petroleum and Natural Gas Minister Hardeep Singh Puri here, an official statement said. Among other decisions, sugar cooperative mills will be given priority to sell ethanol under the ethanol blending programme, and even PACS will be allowed to operate retail outlets on their own. "The petroleum ministry will also change the rules to make PACS eligible for LPG distributorship and PACS will be placed under Combined Category 2 (CC 2) category with freedom fighte

PM releases Rs 16,000 cr to farmers in latest installment under PM-KISAN

Prime Minister Narendra Modi on Monday released the 13th instalment of over Rs 16,000 crore, under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), through direct benefit transfer to more than eight crore beneficiaries. Under the scheme, eligible farmer families are provided Rs 6,000 per year in three equal instalments of Rs 2,000 each. During the programme, Modi also dedicated the redeveloped Belagavi Railway Station building, to the nation. The railway station has been redeveloped at an approximate cost of about Rs 190 crore to provide world-class amenities to the passengers. Another railway project that was dedicated to the nation by the Prime Minister is the rail line doubling project between Londa-Belagavi-Ghataprabha section at Belagavi. This project, developed at a cost of about Rs 930 crore, will enhance line capacity along the busy Mumbai Pune Hubballi Bengaluru railway line, leading to promotion of trade, commerce and economic activities in the region, according to a

Rs 20-trn agri credit outlay to boost tractor manufacturers, PSBs: Analysts

However, fertiliser stocks may not see another upsurge as they have have more-than-doubled in the last six months, they said

Farmers' average income grew 1.3-1.7x between FY18 and FY22, says SBI study

Adds that farm loan waivers benefitted just 50% of farmers since 2014; MSP has been instrumental in boosting incomes

Govt may hike agri credit target to about Rs 18 trillion in upcoming Budget

With a view to give a boost to the agriculture sector, the government is likely to raise farm credit target to about Rs 18 trn in the Budget 2022-23 to be presented on February 1, according to sources

Non-food bank credit grows 6% in January 2021; gold loans rise 132%

The pace of retail credit, a segment which has the maximum focus of banks, decelerated to 9.1 per cent in January 2021 from 16.9 per cent in January 2020

Bank retail lending moderates in December, farm and SME credit accelerates

Impact of Covid-19-induced economic disruption continues to linger, lenders say

Govt may hike agriculture credit target to about Rs 19 trn in Budget

With the aim of doubling farmers' income by 2022, the government is likely to raise farm credit target to about Rs 19 lakh crore in Budget 2021-22 to be presented on February 1, according to sources. For the current fiscal, the government has set a farm credit target of Rs 15 lakh crore. The government has been increasing the credit target for the farm sector every year and this time too, the target is likely to be increased to around Rs 19 lakh crore for the 2021-22, sources said. "Non-banking finance companies (NBFCs) and co-operatives are active in the agriculture credit space. The Nabard refinance scheme will be further expanded. Agriculture credit target for the year 2020-21 has been set up at Rs 15 lakh crore," Finance Minister Nirmala Sitharaman had said while announcing the Budget 2020-21. The agricultural credit flow has increased consistently over the years, exceeding the target set for each fiscal. For instance, credit worth Rs 11.68 lakh crore was given to farmers in ..

Credit to industry shrank 1.7%, personal loans slowed in October: RBI

Credit to large companies contracted 2.9%, but that to medium enterprises grew 16.7% YoY. Overall credit to industry had grown at 3.4% in October 2019

Retail credit up by Rs 40,853 cr in July over June, MSME loans up slightly

RBI said on YoY basis, non-food bank credit grew 6.7 per cent in July 2020, the same as June 2020, but lower than the growth of 11.4 per cent in July 2019

PM launches Rs 1 trn Agri-Infra Fund, sends Rs 17,100 cr to 85 mn farmers

Modi releases the sixth installment of Rs 17,100 crore to more than 85.5 million farmer beneficiaries under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme

Agri Infra fund: PM to launch financing facility of Rs 1 trillion tomorrow

He will also release the sixth instalment of funds of Rs 17,000 crore to 85 million farmers under the PM-KISAN scheme

Streamline logistics of perishables further to boost farmers' returns: CII

Access to credit remains a challenge for food processors while tractor makers face liquidity crunch