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  Metros   Mumbai  30 May 2019  CM Fadnavis urges banks to help farmers

CM Fadnavis urges banks to help farmers

Published : May 30, 2019, 3:30 am IST
Updated : May 30, 2019, 3:30 am IST

The state-level bankers committee approved an annual credit plan of Rs 4,24,029 crore for 2019-20.

Chief minister Devendra Fadnavis
 Chief minister Devendra Fadnavis

Mumbai: Chief minister Devendra Fadnavis was irked when he learned that bankers had disbursed only 54 per cent of the projected crop loans in 2018-19. While attending the state-level bankers committee (SLBC) meeting Wednesday, Mr Fadnavis expressed his displeasure at the report that banks had failed to help farmers availing loans.

The SLBC also approved an annual credit plan of Rs 4,24,029 crore for 2019-20 in its 143rd meeting. Mr Fadnavis said that the banks should implement all decisions taken at the SLBC meeting, which wasn’t a mere formality. If the agriculture sector turned weak, it would affect the GDP. Therefore, banks should show some sensitivity towards farmers and help them avail the annual credit plan.


“Crop loans are meant to save farmers from private borrowing. We need to understand the socio-economic aspect. Agriculture is the most important aspect of our economy and contributor to the GDP,” he added.

For the annual credit plan 2019-20, the government has approved Rs 4,24,029 crores, out of which, Rs 87,322 crores have been earmarked for the agriculture sector.  

The chief minister appealed to all the banks to achieve this target and give maximum loans to farmers. The state government’s aim was to bring the state’s farmers into the institutional credit system.

An officer told The Asian Age, “As the drought situation in the state is grave this year, the CM has directed banks to make available as much loans as possible to the distressed farmers so that they get respite.”


Sources said that the government had told banks that it was ready to pay Rs 1.50 lakh to them under the OTS (one-time settlement) scheme to tide over bad loans.

Tags: devendra fadnavis, gdp