Agriculture investment credit scheme

Agriculture investment credit scheme

Introduction

Government always introduced some special schemes for the common people. The first motto of every scheme is to create the improvement among the poor people and to establish the creativity the Bank of Baroda recently introduced a special scheme which is known as Agriculture investment credit scheme. As the name suggest that investment for the cause of agriculture. So it is the people who are involved with agriculture that they would have the financial support from this particular bank. The support has helped the people to have better yield and thereby the country’s economic condition can be benefited.

The scheme is specifically allotted for the people of Rajasthan and with such support the yield has increased to a considerable number leading to the agricultural development within the state as well as within the country.

Concept of the scheme

This Scheme mainly launched for the farmers, who are belongs from Rajasthan. Government evaluates that some skill farmer cannot improve the cultivation due to insufficient money. That is why government decided to provide them loan, which they will get from the any branches of Bank of Baroda. Getting this loan amount farmer can make their farm ponds, they can install solar pumps, and they can install micro irrigation and other agricultural activities.

Mayank Mehta, executive manager of Bank of Baroda seems that if farmer will help from the bank, which will fulfill their all needs, they can improve their creativity and increase their business. As a result they will easily return the bank loan and together they can honestly spend their life. Bank of Baroda in Rajasthan realizes that if people get this amount they will bring huge success in the cultivation field.

Flourish of the scheme 

Initially this scheme first implemented in the districts of Sri Ganganagar, Hanumangarh and Bikaner then it will be gradually spread all the districts in Rajasthan.

National Bank for Agriculture and Rural development allotted subsidy amount for the poor people. This institution always provided some amount to the bank for maintaining their cash balance. Bank of Baroda provides the loan amount to the poor farmer for built up their agriculture. Bank gives the loan to the farmer and the interest rate is too low and national bank for agriculture and rural development provide the subsidy to the bank. As a result bank can easily maintain their banking rules and help the poor farmer.

Declaration

As per the declarations of Mr. Mehta, the bank of Baroda is liable to support the farmers for the development of the yield of the crops. For such activities, the farmers need to come up with the address that identifies them. After the government as well as the bank authorities are aiming to watch the total outcomes from the agricultural field. For such development the bank is concentrating hard on the development of the people associated with agricultural activities. The expectation of the authority remained that by the end of 2022 the yield would be doubled.

Deal made by the Bank of Baroda

The bank of Baroda has already made the deal in which they ties up with the suppliers who are leading in that particular business and are supplying surplus amount of products for the agricultural benefits. Thus the suppliers who are producing surplus amount are helping in the better production of irrigation. The credit scheme has helped the farmers to collect the required amount of ingredients from the suppliers and thereby the agricultural is expected at the state.

Objectives

Here are some of the objectives that the government as well as the bank is focusing to get the best out of the farmers. These objectives are listed as follows:

  • With such implementation, people across the state are getting better out of the agricultural product. Thus the overall supply in the market is balanced and that maintains the hike of the price.
  • The scheme will also help the farmers to have better yield and the yield will lead to have better quality production.
  • The improvement in the agricultural production will also lead to the development of better financial condition for the farmers.
  • This has helped the people to have equal distribution of income and thus the number of poor people in the state can be reduced to a considerable number.

Conclusion

With such implementation the government has made huge development among the farmers were made and that resulted in sufficient distribution of income. It has also helped the other people to have surplus amount agricultural products and the hike that took in the market because of insufficient supply was forbidden. Thus the step not only developed the state but also helped the people of the entire nation to have better agricultural supply throughout the year.

Quick glance

Name of the scheme Agriculture investment credit scheme
Introduced by Bank Of Baroda
State involved Rajasthan
For the people Involved with farming (Farmers)

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