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Agriculture is the most important sector in India. But, the farmers face a lot of difficulties with regard to procuring the best seeds to buying the best fertilizer and machinery. To help the farmers and agriculturists with the finances, the lenders are offering crop loans.
Crop loan is a short term advance that is given to the farmers and agriculturists by banks and co-operative societies. The loan amount can be used to purchase improved seeds, fertilizers, machinery etc. The crop loans are provided as agriculture is a priority sector. The loan is usually repaid in single instalment after the crop production. Crop loan is a Secured Loan and the interest is debit on a half- yearly basis at simple rate of interest. The loans provided by any lenders and co-operative societies can be refinanced by NABARD.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
Tribal farmers have been facing plenty of concerns when it comes to the sale of their produce at remunerative prices due to the lack of the right marketing facilities and the involvement of middlemen. Due to these issues, farmers are made to sell their produce at highly discounted prices. The National Bank for Agriculture and Rural Development in Srikakulam has designed an exclusive e-commerce platform called ‘sikkolunaturalproducts.com’ so that farmers can sell jute products, millets, turmeric, etc. Products such as henna, cashewnut, mehandi, pineapple jam, black gram, honey, hill broom tamarind, leaf plates, etc. are also available on the portal. Jute products like laptop bags, other bags and office files can also be bought on the portal. MD Vasu Devan, the district development manager of the National Bank for Agriculture and Rural Development in Srikakulam said that farmers will benefit from this initiative as local non-governmental organisations offer remunerative price. He added that farmers will be able to do business worth Rs.8 lakh in two months, which may increase to Rs.50 lakh within a few more months when orders start coming in from various places like Hyderabad and Chennai.
20 December 2018
46,764 farmers who have availed loans below Rs.50,000 will be able to reap the benefits offered by the loan waiver which was announced recently by the State Government. These loans amount to Rs.147.93 crore which were borrowed from various co-operative banks that operate out of the district. According to various sources, 7,497 farmers belonging to the Hiriyur taluk taken loans which amounts to Rs.25.14 crore, 11,198 farmers belonging to the Chitradurga taluk have availed loans amounting to Rs.36.54 crore, 7,423 farmers belonging to the Holalkere taluk have taken loans which amounts to Rs.23.49 crore, 3,828 farmers belonging to the Molkalmuru taluk have availed loans which amount to Rs.12.42 crore and 8,014 farmers who belong to the Hosadurga taluk have taken loans amounting to Rs.23.88 crore and 8,804 farmers belonging to the Challakere taluk have availed loans which amounts to Rs.24.44 crore. Farmers working across the state have gladly accepted this move by the state and are now pushing for all loans to be waived off.
7 July 2017
In a bid to help farmers in their crisis, the Telangana Government has given 271 crore to banks and credit lenders and have told them not to add interest on such loans. Finance minister of Telangana, Etela Rajender, asked them to be sympathetic to farmers and do not insist on interest on loan amount as the government has released the same.
30 June 2017
The Tamil Nadu Government has given a sigh of relief to 23,536 farmers who have taken crop loans in the Madurai district. According to a recent report, 182 primary cooperative societies, Melur Primary Agriculture and Rural Development Bank, and Madurai District Central Cooperative Bank have sanctioned crop loans to over 23,000 farmers. The loans amass to a tune of Rs.116.29 crore. 6,108 farmers have been given loans to a tune of Rs.42.31 crore this year. There has also been an initiative to set up 14 cooperative medical shops and 5 Amma medical shops with the intention of helping out the elderly. These outlets will now sell medicines at a discount of 15%.
8 February 2017
The district of Nashik has placed third in the state of Maharashtra in terms of the disbursement of kharif crop loans. Having exceeded their set target by a modest margin of 18% points, Nashik has left behind several major districts in terms of the crop loan disbursement. A senior district collectorate official spoke that instead of the set target of disbursing Rs 2,350.75 crore for kharif crop loan, the district actually disbursed kharif crop loans worth Rs 2,784.04 crore. The district level consultative committee (DLCC). Lead by the collector was responsible for managing the performance of banks in the district. They had previously implemented various kinds of initiatives in order to not only approach the common man but also make them aware of the advantages of credit services and facilities provided by nationalized banks. Bankers in the district of Nashik have provided loans to the tune of Rs 2,784 crore and exceeded their target by 18%. Other districts such as Ahmednagar disbursed loans worth up to Rs 2,429 crore and were left short of 10% from achieving their target of crop loan disbursal which was Rs 339 crore over the target se for Nashik.
5 January 2017
The recent demonetisation of high-value currencies by the Modi-led government has put the whole country in a tight spot. From the general public to farmers to banks, everyone has struggled after the demonetisation announcement by Prime Minister Narendra Modi on November 8. The RBI’s stringent disbursement rules have made situations even worse for banks and farmers. Farmers preparing for the Rabi crop season have suffered the brunt of this decision and mostly, the Rabi crop season could be delayed. In the district of Kolhapur, KDCC bank - also suffering from the cash crunch - has been able to disburse only Rs.11.52 crore from October to December for crop loans for the Rabi season. Just last year, in the same period, KDCC was able to disburse loans amounting to Rs.600 crore. The bank manager has blatantly stated that they do not have the money to disburse crop loans to farmers, and this has reflected poorly on the government’s credibility with regard to managing the cash crunch in the country.
2 January 2017
The kharif season of this year in Nagpur saw disbursal of crop loan of Rs.2,803.13 in six districts. The loan amount is Rs.509.08 crore higher than last year’s crop loan disbursal in the kharif season. A target of Rs.2,827.39 crore was set by the state government for the division and according to a report from the divisional commissionerate, 99.14% of the target has been achieved. Total of 3,98,446 farmers have obtained crop loan this year. However, the number of farmers who availed the loan is low as 20% of the account holders are considered to be no more or moved to other places.
22 September 2016
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