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India Boosts Credit Unions, Insurance
NEW DELHI - Feb 3/04 - SNS -- The Indian government including some economic measures in today's interim budget which Agriculture Minister, Shri Rajnath Singh hopes will boost investment in agriculture.
The proposals include a 15,000 crore rupee or roughly U.S. $3.3 billion scheme to revitalize the co-operative credit structure. The money will be shared between the central and state government in appropriate ratio and will be initiated as soon as the revised regulatory framework is put in place.
Singh said cooperative banks which provide a major portion of farm loans were unable to reduce their rates of interest to 9%. The scheme announced today would help them clean their balance sheets and provide loans at competitive rates.
The Agriculture Minister said that the Finance Minister’s advice to banks to assess individual credit-worthiness of farmers and not to routinely insist on additional collateral through a mortgage of the entire land holding is a step in the direction of removing discrimination against farmers vis-à-vis other categories of borrowers.
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