So far, loans worth Rs 230 crore disbursed to 1.5 lakh farmers

JAIPUR: So far, 11.32 lakh people have registered online for short-term farm loans in Rajasthan. Of the total, loans worth Rs 230 crore have been disbursed to around 1.5 lakh people. The government had announced that interest-free crop loan worth Rs 16,000 crore will be distributed to more than 25 lakh farmers in the year 2019-20 (Rs 10,000 crore in kharif season and Rs 6,000 crore in Rabi season).
“The credit limit of around 4.50 lakh farmers has been sanctioned. On an average, loans worth Rs 40 crore are being disbursed each day,” said Inder Singh, managing director, apex cooperative bank.
“After sanctioning of the loans, the farmers have to complete their documentation to draw the money. Following transition to the online system, the farmers and the cooperative societies took some time to get used to the new system. The disbursement of loans will pick up in due course of time,” Singh added.
He further said, “The process of disbursing Kharif loans, which was supposed to begin in April, started from July 11 because of transition to the online system. Naturally, it is not possible to complete the work of six months in 20 days. But, I am confident that by August the loans will be disbursed to all the farmers.”
About 60% money for the farm loans would be given by NABARD and the rest 40% would be borne by the apex cooperative bank. Each farmer is given loan up to Rs 1.5 lakh.