Dairy Development Minister Mano Thangaraj on Thursday announced Aavin’s tie-up with yet another bank to provide loans to dairy farmers.
“We are seeing more banks enthusiastically providing loans under the animal husbandry category. Loans mostly are for new milch animals or for animal maintenance,” he said while distributing loans to 10 farmers at Aavin headquarters.
The loans are repaid by the respective primary cooperative society to which the farmers are attached to from the payment due to them. “We have received over 1.65 lakh loan applications from farmers so far. These will be processed. For loans up to ₹1.60 lakh, farmers need not give any collateral,” he said.
Big support to farmers
In recent times, private banks too had begun enthusiastically providing loans to dairy farmers. On Thursday, the loans were given on behalf of Federal Bank.Nationalised banks, including Indian Bank, Canara Bank and Bank of Baroda, had been providing a big support to farmers.
Over the past year, around ₹150 crore worth of loans had been distributed to farmers. If repayment is done in one go, the loan is almost interest-free.
Source : Hindu Dec 29th 2023