scorecardresearch
Follow Us:
Tuesday, November 24, 2020

Post-debt waiver, agriculture credit growth takes a hit

The Debt Waiver and Debt Relief Scheme 2008 has hit agricultural credit in Haryana, which has declined substantially in the first quarter of this year.

Written by Expressnewsservice | Chandigarh | October 21, 2008 12:27:17 am

The Debt Waiver and Debt Relief Scheme 2008 has hit agricultural credit in Haryana, which has declined substantially in the first quarter of this year. Debt waiver and relief to about seven lakh Haryana farmers to the tune of Rs 2,000 crore has led to credit growth not meeting targets for the first quarter of 2008-09, Haryana Special Secretary, Finance,

Vijay Vardhan said at the state-level bankers’ conference (SLBC) held in Chandigarh today.

“Advances for the first quarter are Rs 3,625 crore against the targeted Rs 6,000 crore and banks need to enhance credit through self-help groups (SHGs),” he added. Punjab National Bank (PNB), convenor bank for the SLBC, said the first phase of financial inclusion has been completed in Haryana and no block of the state is now unbanked with opening of at least one account in every rural household of the 21 districts of the state.

Haryana is growing at 11.2 per cent, higher than the national average, said PNB CMD Dr K.C. Chakraborty, adding that the achievement of banks in respect of national goals was satisfactory. Banks need to help small borrowers availing credit up to Rs 50,000 by dispensing with the practice of calling for no-due certificate, but obtaining self-declaration instead, he added.

On the impact of the economic crisis on the country’s second largest public sector lender, he said they are not facing any liquidity crunch and have adequate funds to lend money to borrowers. “We have thousands of crores of rupees as reserves for lending purposes,” Chakraborty said, while commending on the timely steps taken by regulators and policy makers to insulate the Indian financial market from the adverse impact of global turmoil.

“The present situation is also ideal for expanding to other countries. Anything in the overseas markets is available at cheaper rates. Banks who have the strength to expand overseas must go for it,” he said.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest News Archive News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement