PSU Banks to disburse Rs 6 lakh cr to agriculture sector this fiscal (Financial Year 2012-2013).
Public sector banks have set a target to disburse Rs 6 lakh crore as agriculture loan during the current fiscal. This is Rs 25,000 crore higher than the target set for them.
After inaugurating a rural training centre at Amaravathipuram, Karaikudi, set up by Indian Bank, Indian Overseas Bank and Nabard, finance minister P Chidambaram said agriculture loan target in 2011-12 was set at Rs 4.50 lakh crore but exceed ed to Rs 4.75 lakh crore. In 2012-13, the target had been set at Rs 5.75 lakh crore.
“Last week, when I met the chairmen of the public sector banks they said they will disburse Rs 6 lakh crore in 2012-13 at 7 per cent interest,” he said. The interest rate would come down to four per cent for farmers who repay on time.