RBI ASKS BANKS TO REVISIT DOCUMENTATION FOR AGRI LOANS

BE/RBI/25/2016

With a view to increase the Farmers’ income to twice than what it is now, RBI has advised Banks to revisit their documentation for crop loans, simplify them wherever required and ensure to speedily sanction and disburse loans within the specified time limits.

RBI also advised that the lead bank which acts as the central authority in every district/city shall act swiftly to ensure that they co-ordinate with NABARD and make sure that the Farmers’ income is doubled by 2022 which could be achieved by making this as a regular agenda in their meetings.  This proposal of doubling of income scheme was announced by the Government in the Union Budget for 2016-17.

Author: Admin Bankedge

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