Lucknow For farming, the farmers do not have to take money on interest with the Mahajan, for this, they are given loans by making a Kisan Credit Card on behalf of banks. Less educated farmers have difficulty in doing card transactions. To reduce this problem, UP Cooperative Village Development Bank is preparing to give them cash. An amount of up to one lakh rupees will be given as per the land and its return will be like Kisan Credit Card.
This loan will be given to the farmers through the 323 branches of UP Rural Development Department established in UP including Lucknow. However, the loan will be given according to the value of the land of small and marginal farmers as well as big tenants. From April 1 to March 31, 2022, a target has been set to disburse 100 crore loan to farmers. A loan of 300 crores is to be disbursed by June on a guarantee of 500 crores. In the next financial year, the bank will provide a total loan of Rs 550 crore to all farmers at an interest rate of 11 to 11.50 percent. 60.22 lakh farmers are expected to benefit through the bank.
According to the Managing Director of UP Cooperative Village Development Bank AK Singh, it has been decided to give cash money up to one lakh on the lines of credit card, relative to the intention of the state government to double the income of the farmers. The loan amount will be determined on the basis of the documents of the farmers’ land. The plan will come into force from the new financial year.
Work in progress in four years
2700 crores was recovered from the farmers.
1995 crore rupees taken from NABARD was refunded.
With the help of the Corona transition period, Rs 350 crore was returned to NABARD.
201 crore was recovered till March this year.
A record recovery of 80 crores was recorded in January 2021 alone.
Record of recovery of eight crores was also made for the first time in a day.
The loss has come down to the bank with a profit of 97 crores.
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