The Karimnagar District Cooperative Central Bank (KDCCB) has come forward to support the state government's proposed plans to encourage farmers to diversify their crops, with a focus on oil palm cultivation. As a result, the Karimnagar DCCB and its Primary Agricultural Cooperative Societies (PACS) have decided to provide generous financial assistance to farmers interested in engaging in oil palm cultivation in the integrated Karimnagar district (Telangana).
Similarly, on Monday, Telangana State Cooperative Apex Bank (TSCAB) Chairman Konduru Ravinder Rao, vice chairman Pingili Ramesh, director S Swamy Reddy, MPP Vinitha Srinivas Reddy, PACS chairman Venkatramana Reddy, DCCB CEO N Satyanarayana, and branch manager G Anitha visited the Oil palm nursery in Chigurumamdi mandal.
The DCCB chairman inspected the nursery and spoke with DD horticulture Srinivas, Horticulture Officer Manjuvani, Lohia company representative Padmanabham, and others on this occasion. He inquired about the nurseries and the time required for plantation, growth and crop yield, and the oil extraction process, among other things.
Ravinder Rao, speaking on the occasion, stated that the state government had decided to encourage farmers to diversify their cropping patterns in order to ensure a consistent source of income. "We at the DCCB and PACS are ready to provide financial assistance to farmers to begin oil palm cultivation at a low-interest rate, which they must repay only after the crop begins to be harvested after four years," he said.
He stated that the cultivation of oil palm crop would provide a consistent source of income because the crop would be harvested every two weeks, and that the Lohia company was also making buy-back policy arrangements for the collection of farm produce directly from the farmers and beginning oil extraction through a tripartite agreement with the bank and farmers.
He stated that the Kaleshwaram project, initiated by Chief Minister K Chandrashekhar Rao, provided the impetus to agriculture and other allied sectors, resulting in the rapid expansion of irrigation facilities and an increase in agricultural production.
DCCB CEO N Satyanarayana Rao stated that the bank had decided to provide a loan of Rs 55,000 per acre, with the farmer contributing Rs 10,000. 'There is no interest for the first four years of the loan, and the farmer should repay the loan when the crop begins harvesting in the fifth year,' he explained. He also stated that they had decided to launch awareness campaigns to educate farmers on the importance of investing in oil palm cultivation in order to reap greater profits with less investment.
