Finance Minister Urges State-Run Banks To Enhance Credit Flow To Farmers
Finance Minister Nirmala Sitharaman on Thursday urged state-run banks to enhance the flow of short-term credit to farmers including those engaged in animal husbandry, dairying and fisheries to boost rural income.
Sitharaman was chairing the review meeting of regional rural banks along with heads of public sector banks.
"Banks have been instructed to enhance the reach of the Kisan Credit Card to include those engaged in fisheries and animal husbandary," Minister of State for Finance, Bhagwat Kharad, who had also attended the meeting told media outside the venue.
The KCC scheme offers short-term formal credit to farmers. The special drive under Atma Nirbhar Bharat Abhiyan helped reach 3.26 crore farmers including 19.56 lakh people engaged in animal husbandry, dairy and fisheries with sanctioned credit limit of Rs 3.70 lakh crore as on July 1, 2022.
The finance minister also asked banks to help their rural counterpart to achieve greater rural penetration, digitalization and technological advancements. She instructed all public sector banks to onboard on account aggregator system by end of July.
The finance minister underlined the important role played by RRBs in financial inclusion and serving the credit needs of rural economy.
Bank officials have also been instructed to conduct periodic review of the performance of the KCC scheme with all stakeholders.
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