Agricultural loan in cooperative. sector on track in Karnataka, says Minister

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Nearly 12.35 lakh farmers in Karnataka have so far received around 9,100 crore in agricultural loans through the cooperative sector this year, Cooperation Minister ST Somashekar said on Sunday.

The state has set a target of lending 20,810 crore yen to around 30 lakh farmers this year. While Karnataka achieved a 115% disbursement through the DCC bank last year, it has set itself the target of reaching 125%.

In a statement released here on Sunday, the minister said the state government is working to provide loans to all farmers through various programs. “The government is trying to make sure that no farmer is inconvenienced. Chief Minister Basavaraj Bommai asked us to make the disbursement of agricultural loans efficient, ”he said.

Achieve objectives

Mr. Somashekar added: “We reached 72.76% of the target in October. Substantial successes have been achieved in disbursing short, medium and long term loans.

Providing a break, the minister said the government has set a target of disbursing short-term loans of 19,370 crore to 30.25 lakhs from farmers, of which 12.25 lakhs received 8,742 crores, or about 45% of goal. For the disbursement of medium and long term loans, a target has been set to provide around 1,440 crore to around 59,900 farmers, of which around 10,000 have already received ₹ 395 crore. This represents approximately 27.41% of the annual target. “In total, a total of 12.35 lakh farmers received 9,136 crore until October 23,” he said.

The minister said a total of 26.19 Lakh farmers received a total credit of 17,901 crore in 2020-2021 against the target of providing 15,802 crore credit to 25.12 Lakh farmers. “However, thanks to intense monitoring and the good work of 21 DCC banks, 115% of the target was achieved. I am confident I will reach the goal and more this year. We are focused on achieving 125% of the goal.

Mr Somashekar also said he would convene a meeting of CEOs of DCC banks to review performance and discuss bottlenecks in their work to find solutions. Despite the COVID 19 pandemic and the difficult financial situation of the Karnataka Treasury, DCC banks and primary agricultural cooperative societies have been instructed to ensure that loans remain transparent to protect agricultural activities, he added.

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