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eGovWatch: Loan applying process to be conducted online soon to double farmers’ income

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Radha Mohan Singh said that loan applying process might be conducted online and agriculture loan should be provided within scheduled timeframe

The Union Minister of Agriculture and Farmers Welfare, Radha Mohan Singh has asked NABARD to make its agriculture loan process easier along with its banking facilities so that they can grant the required loan on time. The Minister urged this on the valedictory function of one day National Seminar on ‘Doubling of Farmers’ Income by 2022’ organized by NABARD on its 35th Foundation Day.  Singh further said that they should also work on to standardize the documents concerned for the sanction of loan. He added that we should ensure that loan applying process might be conducted online and agriculture loan should be provided within scheduled timeframe.

The Minister said that a long term irrigation fund has been set up with a cluster fund of Rs. 20,000 crore with the cooperation of NABARD so as to complete some of the larger irrigation projects. Radha Mohan Singh further added that to provide bank loan to landless farmers, Modi Government has provided financial help of Rs. 10,225 crore to 10.49 lakh joint liability groups during the span of 2 years. Whereas previous government had provided financial help of Rs. 6630 crore only to 6.7 lakh such clusters during the span of 7 years. To fulfil the loan needs of farmers, a target of Rs. 9 lakh crore has been earmarked for the year 2016-17 and we hope that this will be achieved.

The Minister observed that digitalization process related to land records in most of the states has been completed so as to sanction loan expeditiously to the farmers. Apart from this, online mortgage is also being facilitated.

 

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