Amid a time of hardship for farmers in the state, NABARD has announced its commitment to provide a substantial loan of Rs 500 crore with an interest rate set at 8.5%. The decision was conveyed by NABARD Chairman K V Shaji to C K Shaji Mohan, the President of the Kerala State Co-operative Agricultural and Rural Development Bank, during a meeting held at NABARD’s Mumbai headquarters.
The situation has grown more challenging as Supplyco has struggled to meet its loan obligations, putting increased pressure on farmers. At the same time, traditional banks have refrained from extending further loans to Supplyco due to its borrowing limitations. It is in this context that NABARD has taken the initiative to offer crop loans at a subsidized interest rate, as well as the resumption of educational loans that had been disrupted. Furthermore, NABARD has allocated Rs 100 crore for a crop loan scheme, designed similarly to the Kisan Credit Card, with the goal of making crop loans more accessible to farmers. This move aims to alleviate the financial burdens faced by the farming community.
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