VIJAYAWADA: In a significant step towards revolutionising aquaculture financing, the National Bank for Agriculture and Rural Development (NABARD) and Andhra Pradesh Grameen Bank (APGB) have signed a Memorandum of Understanding (MoU) with Aqua Exchange Agritech Private Limited.
The agreement signed in Vijayawada on Monday, introduces a pioneering loan model for shrimp farmers, integrating Internet of Things (IoT) as part of a pilot project.
The event was attended by NABARD Deputy Managing Director AK Sood, NABARD Andhra Pradesh Regional Office Chief General Manager MR Gopal, NABARD Head Office CGMs Manikumar and AV Bhavani Shankar, APGB Chairman Pramod Kumar Reddy, Union Bank of India General Manager Renu Nair, and Aqua Exchange CEO Pawan Krishna Kosaraju.
This partnership aims to bring shrimp farmers into the formal credit system by offering low-interest loans, reducing reliance on informal lending. By leveraging IoT devices, the initiative enables real-time monitoring of water quality, feed usage, and disease control, enhancing productivity, minimising risks, and promoting sustainable aquaculture practices.
Speaking at the event, officials emphasised the critical role of technology and institutional support in expanding the potential of Andhra Pradesh’s aquaculture sector, which is a key contributor to India’s shrimp exports.
If successful, this pilot project could be scaled up as a sustainable financing model across the State. During the ceremony, loan sanction letters worth Rs 1.25 crore were distributed to five shrimp farmers, along with IoT devices to support their operations.
In a parallel effort to promote rural and tribal development, NABARD has sanctioned Rs 346.27 lakh grant for a tribal development project in 10 villages across Buttayagudem and Polavaram mandals in Eluru district. The grant was handed over to the project facilitating agency, the Association for Rural and Tribal Development (ACTION).
The six-year project targets sustainable livelihood opportunities for 500 families from Particularly Vulnerable Tribal Groups. It focuses on developing orchards with mango and cashew as primary crops, supplemented by suitable border crops. Once fully productive, these orchards are expected to generate an annual income of Rs 1 lakh to 1,2 lakh per family.