Rs 11 Lakh Crores Target For Priority Sector Lending Achievable: FM

By Religare
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    The Union Minister of Finance and Corporate Affairs, Arun Jaitley stated that the Agriculture Credit flow target of Rs 11 lakh crore for the Financial Year 2018-19 is achievable by the banking sector and would add to the momentum towards doubling the farmers' income by 2022.

    Rs 11 Lakh Crores Target For Priority Sector Lending Achievable: FM
    The Finance Minister, Jaitley was delivering the Annual Address to Board of National Bank for Agriculture and Rural Development (NABARD) in New Delhi on Monday.

    He also reviewed the Funds announced in the earlier Union Budgets and stressed the need for all the stakeholders to collaborate to improve the farmers' income. The Finance Minister, Jaitley emphasized that the banking sector must invest in long term assets to improve the capital formation in Agriculture Sector. He further stated that the investments in financial technology over the past few years have brought in efficiency, speed and transparency in the rural financial eco system.

    Rajeev Kumar, Secretary, Department of Financial Services, Government of India, highlighted the necessity of financial inclusion and adoption of technologies to make use of the opportunities arising out of higher GDP growth. He requested the banking system to concentrate on geographical areas like North East, East and Central India where the formal credit can give a fillip to the growth potential these areas offer. He also mentioned that his Department is actively engaged with other Ministries to create an enriching eco-system.

    Harsh Kumar Bhanwala, Chairman, NABARD mentioned that NABARD has operationalised the funds announced in the previous Union Budget and specifically said that the Prime Ministers' Grameen Awas Yojana is about to be supported through Rs.9000 crore shortly. The Rs.5000 crore Micro Irrigation Fund which will promote water conserving and productivity enhancing technologies, will also be operationalised shortly. He emphasised the need for formation of robust Farmer Producers Organisations (FPOs) and committed to the Finance Minister that NABARD will also form FPOs quickly.

    Read more about: lending
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more