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Thursday, Feb 03, 2005

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Agri-Biz & Commodities - Farm credit

South Indian Bank to double farm credit

Our Correspondent

Kottayam , Feb. 2

SOUTH Indian Bank Ltd has decided to double agricultural credit to farmers in the country in accordance with the policy of the Union Government to support farmers, said Dr V.A. Joseph, Executive Director of the bank.

According to Dr Joseph, Rs 107 crore has been disbursed as farm credit during the last three quarters of the current financial year. Of this, Rs 57 crore was released in Kerala. The credit-deposit ratio of the bank is at an all-time high with increased volume of farm credit.

"Planters choice" for purchase of agricultural land and "Agri flex" for improvement of agricultural land are the two schemes the bank had recently introduced. Both the schemes have been well received by the farmers. These schemes are in addition to the agricultural loan schemes and overdraft facilities extended to the farmers.

The rate of interest quoted for farm sector advances is up to 4 per cent less than the benchmark PLR of the bank. It has also extended Hundi loans for Rs 65 crore to rubber dealers.

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