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Disbursal of farm loans moves at a snail’s pace
Though Bank of India and Indian Overseas Bank have achieved their targets for issuing fresh loans and renewing loans for farmers for this Kharif season, the deadline for which is September 30, many banks are still lagging behind in achieving their targets.
Sangareddy: Though Bank of India and Indian Overseas Bank have achieved their targets for issuing fresh loans and renewing loans for farmers for this Kharif season, the deadline for which is September 30, many banks are still lagging behind in achieving their targets.
The meeting, presided by District Collector Ronald Rose, held at the District Collectorate on Wednesday witnessed bankers giving bizarre explanations. Of the 31 banks which were given targets by the State government, representatives of nine banks were absent for the meeting. The Collector hoped that the RBI representative would take some action against the absentees.
Out of Rs 1,763.58 crore target set for all these banks combined for the Kharif season to benefit 2, 97,057 farmers across the district, only Rs 587.39 crore (33.20 per cent) have been disbursed in the form of fresh and renewed loans. While A Madhavi Sreelatha, Joint Director, Agriculture, claimed that farmers were complaining that the banks were not giving loans, bankers claimed that farmers were not coming forward to seek loans.
The implementation of Pradhan Mantri Fasal Bhima Yojna (PMFBY) also came for discussion. As the deadline for taking crop insurance had ended, only those farmers who secured loans from banks till the deadline were eligible to get the low-premium insurance.
