The Dharwad-headquartered regional rural bank, Karnataka Vikas Grameen Financial institution (KVGB), has released an overdraft (OD) facility for farmers.
Talking at the start of the ‘Kirishi OD’ scheme made for farmers, P Gopi Krishna, Chairman of the bank, mentioned that the farmers are supplied with an OD facility based on the price of the land. The restrict is capped to a greatest of ₹1.5 lakh per acre to irrigated lands and ₹1 lakh per acre to dry land.
The facility can be employed for operating cash demands such as maintenance of equipment and products, mend and substitution of equipment, agricultural allied actions and even for the repayment of private financial loans availed for personal use.
He mentioned the uncontrolled weather, escalating pure disasters, and the latest Covid predicament have made farmers vulnerable. “To ease the predicament, KVGB has made a distinctive OD facility for the farmers to aid them to cope with the predicament,” he extra.
Neeraja Kumara Verma, Chief Normal Manager of NABARD, who released the scheme in Dharwad, mentioned that credit rating movement is critical for the expansion of the agriculture sector and regional rural financial institutions (RRBs) are executing effectively in this regard. He mentioned the ‘Krishi OD’ facility is a exceptional scheme and will benefit the farming community.
Verma mentioned that NABARD is keenly looking at the progress and involvement of RRBs and extending timely assistance and guidance. “RRBs are executing effectively underneath priority sector lending, development and linkage of SHGs and JLGs and even in controlling microfinance issues.”
A push release by KVGB mentioned that he lauded the efforts of KVGB in issues linked to economical inclusion.