Tuesday, July 23, 2024
HomeIndustry & UpdatesFarmers can now repay crop loan till July 3: Minister Balasaheb Patil

Farmers can now repay crop loan till July 3: Minister Balasaheb Patil

Cooperation and Marketing Minister Balasaheb Patil on Friday said the deadline for farmers to repay crop loan issued by district central cooperative banks, commercial banks and rural development banks has been extended till July 31.

“During April and May, due to the pandemic and lockdown, farmers faced problems in selling their produce. Several sugar mills have still not paid fair price remuneration to farmers after procuring sugarcane from them. Taking into account all these aspects and in larger interest of farmers, recovery of crop loan by banks has been extended till July 31,” Patil told mediapersons.

In 2020-21, as against the Rs 62,459 crore sanctioned by the government as crop loan, Rs 47,972 crore was disbursed by banks. While commercial banks disbursed Rs 26,677 crore, the figure for district central cooperative bank and rural development banks were Rs 17,757 crore and Rs 3,538 crore, respectively. In all, 77 per cent of the total amount was disbursed.

For 2021-22, the state has set a target of disbursing Rs 60,860 crore as crop loan to 69 lakh farmers. Every year, farmers seek crop loans from banks ahead of kharif sowing.

“Farmers who repay crop loan on time are given incentives. Under Dr Punjabrao Deshmukh Yojna, farmers who have repaid the entire loan in time, can avail a fresh crop loan up to Rs 3 lakh for zero interest,” said Patil.

The above news was originally posted on indianexpress.com

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