Maharashtra govt ropes in 5 commercial banks to offer crop loans worth ₹540cr in 16 districts

Mumbai city news: Three of the five banks include Bank of India, Bank of Maharashtra and IDBI

Jolted by the farmers’ agitation seeking a complete loan waiver, the state has gone into an overdrive mode to ensure every possible help to farmers in the ensuing kharif season. It has roped in commercial and nationalised banks in 16 districts where the co-operative banks are less likely to give loans.

In a review meeting held by chief minister Devendra Fadnavis on Thursday, the government identified five commercial, private and nationalised banks for disbursing crop loans. (Representational Photo/AFP)

In a review meeting held by chief minister Devendra Fadnavis on Thursday, the government identified five commercial, private and nationalised banks for disbursing crop loans. Bank of India, Bank of Maharashtra and IDBI are three of the five banks the state has roped in.

“Crop loans needs to be extended to farmers in 16 districts, including Nandurbar, Nashik, Yavatmal, Wardha, Beed and Jalna. It is about Rs 540 crore. Since cooperative banks in these districts are financially weak, we decided to take help of commercial banks. Funds provided by them will bridge the gap between the requirement and the capacity of the district cooperative banks,” said an officer from the cooperative department.

Fadnavis has also directed officials from agriculture and cooperative departments to organise farmers’ meet to facilitate crop loans for the upcoming kharif season. He also reviewed schemes for cold storage and marketing chains for the effective marketing of farm products.