Now, agri loans to go online

Now, agri loans to go online
Highlights

The State government has asked the banks to use web land portal to sanction agriculture loans. Addressing the Steering Committee meeting of the State Level Bankers Committee (SLBC) here on Thursday, Special Chief Secretary B R Meena said the revenue records are available online and the accuracy of the revenue records can be verified by banks before sanctioning loans.

Hyderabad: The State government has asked the banks to use web land portal to sanction agriculture loans. Addressing the Steering Committee meeting of the State Level Bankers Committee (SLBC) here on Thursday, Special Chief Secretary B R Meena said the revenue records are available online and the accuracy of the revenue records can be verified by banks before sanctioning loans. He said the government had issued an ordinance amending the Records of Rights 1971 and now there is no need for farmers to keep their passbooks, copies of pahanis with banks for obtaining agriculture crop loans.

He said banks can record their loan charge in the web portal which will avoid multiple financing from the banker’s point of view and fake passbook menace can be eliminated. He said that 21 banks have started using the portal and other banks which are into agriculture lending should start using the portal early.

The SLBC Steering Committee meeting, held at State Bank of India’s local head office, was presided by SBI CGM Hardayal Prasad and attended by BR Meena, Agriculture Secretary C Partha Sarathi, Secretary Sandeep Sultania, SLBC Convener and SBI General Manager UNN Maiya, RBI (FIDD) GM Dr S Subbaiah and RBI General Manager Meganath.

Agriculture Secretary C Partha Sarathi requested the banks to step up the pace of crop loan renewals. He said that as per the data available, so far Rs 6,056 crore had been lent under agriculture crop loan segment during Kharif 2017 by banks covering 8,35,748 farmers in the State which is approximately 25 per cent of the target for Kharif. He requested all the banks to cover all the farmers under PMFBY, whose crop loans are renewed during the Kharif 2017 without fail.

Partha Sarathi said the insurance penetration this year should be at least 40 per cent as envisaged by the government of India. He said that a decision was taken with regard to the cut-off dates for Red chillies and Cotton under WBCIS to extend from July 9 and July 15 to July 15 and July 31 respectively. He requested the banks to take advantage of this and cover all the farmers especially cotton growing farmers under Weather Based Crop Insurance Scheme, since it is a major rain fed crop cultivated in Telangana.

SBI CGM Hardayal Prasad reiterated, while concluding the steering committee meeting, that the important decisions taken in the interest of farmers on the above two issues of web land and Crop Insurance should be implemented by all the banks effectively.

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