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Bank of Baroda to disperse Rs 51,000 crore as agriculture sector boost
Wednesday, 10 October, 2018, 08 : 00 AM [IST]
Shraddha Joshi, Mumbai
Bank of Baroda (BoB) has decided to disperse credit of Rs 51,000 crore in order to boost the agriculture sector in India. This was revealed at an event organised by the bank as unveiling of a business initiative in the rural and agricultural space on Tuesday.

BoB, in this regard, has envisaged several initiatives, which aim at partnering the farmers.

Speaking at the event, P S Jayakumar, MD and CEO, Bank of Baroda, said, "The government's relentless focus on supporting agriculture and doubling farmers income has been noteworthy. We fully appreciate the criticality of the agri economy and through our various initiatives like green financing, micro irrigation, crop support, equipment financing, digitisation thereby focussing on how can we increase the agri growth in the country."

Among the different initiatives, the bank has signed 42 MoUs with various companies and government agencies to assist farmers, suppliers and vendors through its financial products.

These MoUs include regional / zonal tie-ups with agri corporates for financial assistance to farmers, launch of a new tractor financing scheme as per industry practice, hiring of direct sales terms from open market to bring in skilled sales force for farm equipment financing to bring automation in loan processing system, and loan life cycle processing system (LLPS) among others.

The bank aims to cater to cultivators of essential commodities and help the government in growing the sector at an exponential rate.

In view of this, the bank will be organising a fortnightly event, a pan - India initiative ' Baroda Kisan Pakhwada ' starting from October 1, which will be concluded with 'Baroda Kisan Diwas' on October 16, which is also celebrated as 'World Food Day'.

Papia Sengupta, executive director, Bank of Baroda, shared the details of the programme to be held during October 1 to 16. She said, "The bank has planned approximately 6,000 choupals in various villages along with 150 kisan melas and health checkup for farmers, soil and cattle."

She added, "The programmes will augment awareness for promoting micro insurance schemes for the betterment for farmers. The bank is also targeting to include over two lakh farmers in the banking fold who have not been availing any banking facility for their agricultural needs."

Meanwhile, three other initiatives benefitting farming were launched, namely, Good Agricultural Practices (GAP), leaflet on Sustainable Agricultural Practices and Kisan Loan.
 
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