Financial Daily from THE HINDU group of publications
Tuesday, Aug 02, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 02, 2005 |
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Money & Banking
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Farm credit Agri-Biz & Commodities - Agricultural Institutions Nabard to extend farm credit project to all States Our Bureau
Hyderabad , Aug 1 ADDRESSING the credit needs of tenant farmers, the National Bank for Agriculture and Rural Development (Nabard) has decided to extend a pilot project, launched in eight States, to the rest of the country this year. Nabard has prepared a plan to ensure finance to these farmers by encouraging `Joint Liability Groups'. "These are akin to self-help groups where a group of tenant farmers or sharecroppers come together to get credit from banks," Ms Ranjana Kumar, Chairperson of Nabard, said. Addressing a press conference here, she said though there were SHGs of farmers such as Rythu Mithra Groups (RMGs) in Andhra Pradesh, the members represented a cross-section of farmers, not just tenant farmers. "We have asked the States to ensure there are groups which contain tenant farmers," she said. Andhra Pradesh had announced last week that it would form one lakh more RMGs, bulk of which would be exclusively tenant farmers. The SHG-bank linkage programme covered 5.39 lakh groups last year, with a growth of 49 per cent over the previous year. Cumulatively, there were 16.18 lakh groups, covering 2.42 crore households as on March 31, 2005. With a view to infusing fresh life into the cooperatives that offered long-term assistance to the farmers, Nabard had introduced a carrot-and-stick policy where it assured resetting of loans with an interest rate of eight per cent.
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