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Saturday, December 09, 2023
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Singh urges for timely sanctioning of loans to farmers

NEW DELHI: Union Minister, Radha Mohan Singh has asked NABARD to make its agriculture loan process easier along with its banking facilities so that they can grant the required loan on time. Singh said this on the valedictory function of one day National Seminar on “Doubling of Farmers’ Income by 2022’’ organized by NABARD on its 35th Foundation Day on Tuesday here. Singh further said that they should also work on to standardize the documents concerned for the sanction of loan.

Singh  said that a long term irrigation fund has been set up with a cluster fund of Rs. 20,000 crore with the cooperation of NABARD so as to complete some of the larger irrigation projects. He further added that to provide bank loan to landless farmers.

The Minister observed that digitization process related to land records in most of the states has been completed so as to sanction loan expeditiously to the farmers and online mortgage is also being facilitated. Simultaneously the schemes related to interest subvention and relaxations on timely repayment of the loan are also continued this year so that farmers might obtain agriculture loan at the rate of 4% interest. Recently a sum of Rs. 18,000 crore has been approved for interest subventions.

Singh  said that every possible efforts are being made to make the farmers income as double. To chalk out strategy for this purpose, a committee has been constituted in Ministry of Agriculture under the Chairmanship of Dr. Ashok Dalwai, Additional Secretary. NCAER along with this committee is being associated as a knowledge organization. He while expressing his views said NABARD will develop the programmes and products concerned so as to double the income of the farmers.