India: NABARD to disburse Rs 1.20 lakh crore crop loans to farmers this fiscal
In an attempt to support farming sector amid the ongoing crisis triggered by COVID-19, National Bank for Agriculture and Rural Development stated it aims to disburse Rs 1.20 lakh crore crop loans to farmers this fiscal year.
The country’s apex agriculture financial institution annually disbursed about Rs 90,000 crore crop loan at a concessional rate.
“It has been enhanced to Rs 1.20 lakh crore this fiscal. Of this, Rs 40,000 crore has already been disbursed,” NABARD Chairman G R Chintala said.
Mr Chintala said the pandemic saw a paradigm shift in the functioning of the agriculture sector, adding with the help of Rs 1 lakh crore Agriculture Infrastructure Fund will foster infrastructure for the sector.