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Friday, Apr 29, 2005

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Agri-Biz & Commodities - Farm credit

Post-harvest loan limit doubled to Rs 10 lakh

Our Bureau

Mumbai , April 28

THE Reserve Bank of India proposes to double the limit of loans to farmers under the post-harvest produce marketing scheme to Rs 10 lakh from Rs 5 lakh. This is under the priority sector lending, RBI said it in its annual policy statement released on Thursday.

RBI said that its expert committee would formulate a strategy for increasing investment in agriculture and submit its report next month.

The central bank is also planning to conduct a survey with the help of an outside agency to make an assessment of customer satisfaction on credit delivery in rural areas by banks. There is a realisation that there are increasing business opportunities in financing agriculture; banks are, therefore, urged to continue their efforts to step up credit to agriculture, it said.

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