SBI Takes the Lead in Rural Banking, Extends Rs. 2,58,612 Cr Credit Support to Farmers

In a bid to support the agricultural sector and bolster rural development, the State Bank of India (SBI) has emerged as a frontrunner in the rural banking sector, surpassing its competitors through various initiatives. SBI's unwavering commitment to rural communities and sustainable farming practices has solidified its position as a leading financial institution fostering agricultural growth.

Recognizing the challenges faced by the agricultural sector, such as climate change, pests and diseases, and market volatility, the Government of India has been actively working to address these issues through policy measures and investments in research and development. With the support of SBI's financial solutions, the government aims to ensure the continued growth and resilience of the agricultural sector.

SBI's notable achievement this financial year is the disbursal of loans totaling an impressive Rs. 2,58,612 Crore to farming and agricultural activities. This lending figure marks the highest amount offered by any bank and provides crucial assistance to over 1.45 Crore farmers across the country. This milestone demonstrates SBI's unwavering commitment to supporting the backbone of India's rural economy.

Also Read: State Government Announces Rs 22,000 Crore Interest-Free Crop Loan Plan for Farmers in 2023-24

One of SBI's recent contributions to agricultural development is the introduction of the Agri Enterprise Loan (AEL). This new product is designed to cater to the credit requirements of agri-based enterprises engaged in various agriculture, allied, agri infrastructure, and ancillary activities. By stimulating growth in the investment credit portfolio, the AEL acts as a catalyst for agri-based businesses, fostering economic prosperity in rural areas.

Moreover, SBI has launched the Kisan Samriddhi Rin (KSR) product, which addresses the credit needs of large farmers, corporates, Farmer Producer Organizations (FPOs), and cooperatives. This innovative product takes into account the realistic cost of end-to-end farming, including high-value export crops and the utilization of advanced farming techniques. The KSR product empowers farmers to adopt modern agricultural practices and unlock their full potential.

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SBI's agriculture gold loan portfolio has also experienced significant growth, reaching Rs. 83,000 Crore as of March 31, 2023, compared to Rs. 73,600 Crore in the previous year. This increase reflects the confidence of farmers in SBI's financial support and the bank's commitment to providing accessible credit solutions to meet the needs of the agricultural community.

Furthermore, SBI's dedication to the Aatmanirbhar Bharat initiatives is evident through its disbursement of loans amounting to Rs. 1,543 Crore to 6,954 borrowers during the current financial year. These loans have been granted to strengthen schemes such as the Agri Infrastructure Fund (AIF), Animal Husbandry Infrastructure Development Fund (AHIDF), and PM Formalisation of Micro Food Processing Enterprises (PM FME). By supporting these schemes, SBI actively contributes to the vision of a self-reliant India and promotes sustainable farming practices and the development of agri-based enterprises.

The State Bank of India's exceptional achievements in the rural banking sector signify its unwavering dedication to fostering agricultural growth and uplifting rural communities. Through its comprehensive financial solutions and support for various government initiatives, SBI is instrumental in realizing the vision of an Aatmanirbhar Bharat. With a focus on sustainable farming practices, inclusive development, and rural prosperity, SBI continues to empower farmers and agri-based enterprises, driving India's agricultural sector towards a brighter future.

source-indiacsr

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