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ICICI Bank mulls introducing rain insurance product

Our Bureau

MUMBAI, April 3

ICICI Bank has disbursed Rs 2,000 crore towards agriculture and food-based projects during the 2002-2003 fiscal, Mr Nachiket Mor, Executive Director of the bank, has said.

It was also considering introducing a rainfall insurance product for its various farm-related business activities. The product would be designed by ICICI's insurance arm, he said.

In the area of agri-business finance segment, ICICI Bank has been looking at various businesses including dairy, sugar, seed aquaculture, direct farmer finance, agricultural infrastructure and food processing.

According to Mr Mor, the bank has been working to provide complete supply chain solutions by assisting farmers to adopt better and more efficient production technologies through its Farmer Service Centres in collaboration with input service providers.

It is also involved in the development of post-harvest infrastructure including grading, sorting, cleaning, packing, transport and storage to reduce wastage and post-harvest losses and is also facilitating backward and forward linkages with farmer, input service providers and marketers.

According to Mr More, ICICI Bank is comfortable with lending to the farmers through the input supplier company or the Government.

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