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Launch of “Agricultural Investment Credit Scheme for the farmers of Rajasthan”

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Bank of Baroda has launched a special scheme “Agricultural Investment Credit for the farmers of Rajasthan” for promoting investment credit in agriculture especially micro irrigation in the Bikaner Region of Rajasthan. The first loan has been disbursed today in Sri Ganganagar.

Under the above scheme, farmers can avail of loan from Bank of Baroda branches for construction of farm ponds, installation of solar pumps, installation of Micro Irrigation, and for any other viable agriculture and allied activities. Loans will be made available at competitive terms. The Bank also will incentivise the farmers for timely repayment of loan under the scheme.

The Bank has already entered into tie ups with leading suppliers of irrigation equipments to boost micro irrigation. Initially the above scheme will be implemented in the districts of Sri Ganganagar, Hanumangarh & Bikaner and will be gradually extended to all the districts of Rajasthan. This scheme is also in line with the Government’s intent “to disseminate technology to farmers in simple manner and make “Per Drop More Crop” a mantra to promote farming through optimum utilization of water.

Mr Ambrish Kumar, IAS, Director of Agriculture, Govt of Rajasthan said “We welcome the initiative taken by Bank of Baroda and urge the farmers to utilise this opportunity to save water and also to improve their income levels I also urge other Banks to follow suit and launch similar schemes for the farmers of Rajasthan”.

On this occasion, Mr Mayank K Mehta, Executive Director, Bank of Baroda said “We at Bank of Baroda believe that there is a need to look beyond performance targets and work for the economic betterment of our farming community. We intend to work with the farmers to address all their needs. We are focusing on an outcome based approach and this in tandem with other initiatives being undertaken by the Bank will help the farmers in doubling their income by the year 2022.”

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