Bank of Baroda launches agriculture investment credit scheme in Rajasthan

Under the scheme, farmers can avail of loan from the bank's branches for construction of farm ponds, installation of solar pumps, installation of micro irrigation, and for any other viable agriculture and allied activities.

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(Photo for representational purposes)

State-run Bank of Baroda today said it has launched an agricultural investment credit for the farmers of Rajasthan. The first loan has been disbursed in Sri Ganganagar, the bank said in a statement here today. Under the scheme, farmers can avail of loan from the bank’s branches for construction of farm ponds, installation of solar pumps, installation of micro irrigation, and for any other viable agriculture and allied activities.

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“We intend to work with the farmers to address all their needs. We are focusing on an outcome based approach and this in tandem with other initiatives being undertaken by the Bank will help the farmers in doubling their income by the year 2022,” bank’s executive director Mayank Mehta said.

He said the farmers will be incentivise for timely repayment of loan under the scheme.

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Initially, the scheme will be implemented in the districts of Sri Ganganagar, Hanumangarh and Bikaner and will be gradually extended to all the districts of Rajasthan.

The bank has already entered into tie-ups with leading suppliers of irrigation equipments to boost micro irrigation.