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LATEST NEWS UPDATES | Farm loans up in 2010-11; low enlistment of new borrowers a concern

Farm loans up in 2010-11; low enlistment of new borrowers a concern

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published Published on Jun 14, 2011   modified Modified on Jun 14, 2011
-The Economic Times
 
Farm credit flow has registered a quantum jump during 2010-11, accordign to figures put out by the government, although apprehensions have been expressed that there is urgent to enlist new loanees rather than give credit to time and again to the same borrowers. Credit institutions disbursed Rs. 4,26,531 crore during the year against the target of Rs.3,75,000 crore, an official statement said here.

Agency-wise, Commercial Banks with disbursal of Rs. 3.14 lakh crore are on the top followed by Cooperative Banks with Rs 69,000 crore and Regional Rural Banks with Rs 43,000 crore.

Officials said that in order to enlist new borrowers among small and marginal farmers and meet the credit flow target for the current financial year ( 2011-12) has been fixed at Rs. 4.75 lakh crore. Banks have been asked to step up direct lending, especially to small and marginal farmers.

The government has been providing crop loans at concessional interest rates since 2006-07. In the current financial year (2011-12), the government is providing interest subvention by 3%, thus bringing down the effective rate of interest to 4% per annum. This interest subvention is provided to those farmers who repay their short term crop loans on time.

In 2009-10 the subvention rate for timely repayment of crop loans was 1% which was raised to 2% in 2010-11 and further to 3% this year.

Over the years, agriculture credit flow has registered significant jump. It has gone up from Rs. 86,981 crore in 2003-04 to Rs. 4,26,531 crore in 2010-11.

Break up of credit financed by different agencies is as under: (Rs. in crore) 2009-10 2010-11 Sr. No. Name of agency Target Achievement Target Achievement 1 Coop Banks 45,000 63,497 55,000 69,076 2 Commercial Banks 2,50,000 2,85,000 2,80,000 3,14,182 3 RRBs 30,000 35, 217 40,000 43,273 Total 3,25,000 3,84,514 3,75,000 4,26,531.

The Economic Times, 13 June, 2011, http://economictimes.indiatimes.com/news/economy/finance/farm-loans-up-in-2010-11-low-enlistment-of-new-borrowers-a-concern/articleshow/8840825.cms


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