‘Fish Andhra’ brand: Bank of Baroda supports Andhra Pradesh government in setting up 100 aqua hubs

VIJAYAWADA: The State Department of Fisheries designed a novel scheme under the brand name “Fish Andhra” by establishing aqua hubs in line with Pradhana Mantri Mathsya Sampadha Yojana (PMMSY), a central government scheme. The Bank of Baroda is supporting the implementation of the project.

Commissioner (Fisheries) K Kanna Babu and Bank of Baroda, Vijayawada region, deputy general manager Ch Raja Sekhar said a well-structured design and a Memorandum of Understanding (MoU) have been devised for implementation of the Fish Andhra Project through the Bank of Baroda as a sole banker across AP, a press release issued here stated. 

Under the project, 100 aqua hubs would be set up and around 14,000 outlets of different sizes and nature would be set up across the State. The concept involves the setting up of a hub and spokes model. Each aqua hub constitutes 140 beneficiaries and the project cost is Rs 5.50 crore.

The funding pattern of the aqua hub is 15 per cent beneficiary contribution, 40 per cent government aid and 45 per cent bank loan. The Bank of Baroda has come forward to assist and finance the entire 14,000 beneficiaries for setting up aqua units under this Fish Andhra Scheme.