During a 15-day farmer outreach programme in Tamil Nadu, the public sector Bank of Baroda sanctioned over Rs 100 crore in agricultural loans. Between November 15 and 30, 161 semi-urban and rural branches of the bank participated in the fifth edition of 'Baroda Kisan Pakhwada.'
More than 20,000 farmers in Tamil Nadu have received farm loans totaling Rs 134 crore, according to a statement issued by the bank on Saturday.
Due to better money-making options, many farmers are giving up farming. Farm loans are essential for farmers. Therefore, farmers must be given loans at low-interest rates because if they receive loans at higher rates of interest and are poor, their production will cease once the loan has been repaid, forcing them to apply for loans once more for future crops.
The 'Baroda Kisan Pakhwada' was created to assist the bank in increasing its engagement with the farming community and raising awareness about various agricultural products and schemes offered by the bank.
"We at Bank of Baroda are pleased to be reaching out to the farming community on a larger scale and providing them with details and financial assistance, as well as familiarising them with various types of agri-loans, banking services, and various agricultural initiatives launched by the government," said A Saravanakumar, general manager and zonal head (Chennai) of Bank of Baroda.
Bank of Baroda has 314 branches in the state, with 161 located in rural areas. According to the bank, advances in the agricultural sector in Tamil Nadu stood at Rs 7,800 crore as of September 30, 2022.
