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Andhra CM asks banks to focus on doubling farmers’ income

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Amaravati, Dec 12 (IANS) Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy on Friday asked senior bank employees to focus on doubling farmers’ income, reducing investment costs, providing proper market facilities for crops and supporting them at the time of natural disasters.

Reddy was addressing the 213th State Level Bankers Committee (SLBC), where he announced that a 7.5 per cent growth rate has been registered in the last quarter in issuing loans and 99 per cent of crop loans were disbursed.

“The government has started various initiatives to reduce the investment cost to farmers. The government has been providing financial assistance of Rs 13,500 per annum through Rythu Bharosa Scheme,” said the Chief minister.

He said that 50 per cent of farmers have less than half a hectare of land in the state and 80 per cent of investment cost to those farmers would be covered through this scheme.

Reddy said that Rs 7,500 is being credited to the bank accounts of beneficiaries before kharif in May, Rs 4,000 in October and Rs 2,000 to farmers for Sankranti in January.

“The state government paid all arrears of the previous government pertaining to interest free loans and encouraging farmers to take interest free loans,” he said.

The CM also asked the bank employees to support MSMEs as they play a key role in the financial sector.

He explained them about several other empowering and welfare initiatives of the government towards minorities and backward classes.



(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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