Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

Govt Trying To Take Agriculture Banks Out Of Losses And Making Them Profitable: Shah

He said that the bank has done a very good job under all parameters set by the Reserve Bank of India and NABARD for banking

Photo Credit : MHA

1647855343_FNoVov_amit_shah.jpg

Union HM Amit Shah

The main reason for the land being owned by farmers today is the loan given by the agriculture bank and later the bank started many types of works, said Union Home Amit Shah while addressing the 70th AGM of the Gujarat State Co-operative Agriculture and Rural Development Bank, held in Ahmedabad

Farmers become landowners, but levelling of land, arranging for irrigation, digging wells, bringing mechanical means for farming, all this remained to be done. In such a situation, Kheti Bank took the responsibility of giving medium and long-term loans and today, Kheti Bank is giving medium and long-term loans for agriculture infrastructure to farmers of Gujarat, he said. 

He said that the call to make the country self-reliant in food grain production was given by the then Prime Minister Lal Bahadur Shastri. Even at that time, this agriculture bank had contributed by giving loans for tractors and digging wells.

Shah said that after the establishment of NABARD, the nature of the agriculture bank changed slightly and along with agriculture, this agriculture bank began disbursing loans for rural development, cottage industries, dairy and self-employment. 

He said that the bank has done a very good job under all parameters set by the Reserve Bank of India and NABARD for banking. 

Shah said that earlier loans were given at an interest rate of 12 to 15 per cent, but now they are given at 10 per cent. Earlier, even a 2 per cent concession was not available for regular repayment of loans, but now a 2 per cent concession is also given. 

Shah said that the government led by Narendra Modi at the centre has made many reforms in the banking sector. 

Under Pradhan Mantri Jan Dhan Yojana, 45 crore new bank accounts have been opened, 32 crore RuPay debit cards have been given and digital transactions have crossed USD one trillion, the minister said. 

There has been an increase of 50 times in comparison to digital transactions in 2017-18. Through DBT, benefits of about 300 schemes of 52 ministries have been directly sent to beneficiaries, he added. 

He said that the entry of cooperatives in all these schemes will take place very soon, which will increase connectivity with citizens. 

Shah added that the way efforts are being made to take agriculture banks out of their losses and make them profitable, in the same way, everyone associated with the cooperative sector will work together to fulfil the resolve of prosperity through the cooperation of Prime Minister Shri Narendra Modi.


Tags assigned to this article:
amit shah