Money Management

Bank launches “Vikas Varsha” campaign to reach all farmers

Farmers urged to avail new loans under Kisan credit card facility

Farmers urged to avail new loans under Kisan credit card facility

Karnataka Vikas Grameena Bank (KVGB) Chairman P. Gopi Krishna said the bank will cover all those who have not made use of the Kisan credit card facility under a campaign, “Vikas Varsha”, before September 30.

Speaking at the launch of the campaign in Dharwad, Mr. Gopi Krishna said the bank launched the campaign with a view to strengthening the agricultural credit delivery system to facilitate the flow of credit in the agricultural sector. He called on farmers to contact neighboring branches of KVG Bank to avail new crop loans under the Kisan credit card facility and also to renew their existing crop loans with higher limit available under of the new funding scale.

Mr. Gopi Krishna also said that currently the bank charges 7% simple interest up to ₹3 lakh for the crop loan and has extended the 3% interest concession available from the government from the Union and the additional 1% interest concession available from the state government (up to ₹1,00,000) to induce payers and farmers to avail the facility within the stipulated time. In the last fiscal year 2019-20, the bank had issued 2,00,653 Kisan credit cards and disbursed ₹3,299 crore and the target for the current fiscal year is ₹3,700 crore. The bank would take the help of farmers’ clubs, non-governmental organizations and the Ministry of Agriculture to cover more farmers under the campaign. The bank had also set up a helpline (Ph: 9108699803 — 10 a.m. to 5 p.m.) to answer questions.