THIRUVANANTHAPURAM: During a period of distress for farmers in the state, NABARD has pledged to offer a substantial loan of Rs 500 crore at an interest rate of 8.5%. This decision was communicated by NABARD chairman K V Shaji to the president of the Kerala State Co-operative Agricultural and Rural Development Bank, C K Shaji Mohan, during a meeting held at the NABARD headquarters in Mumbai.
In the midst of the challenging situation wherein Supplyco has struggled to repay the loans, farmers have faced increasing pressure. Simultaneously, banks have refrained from extending further loans to Supplyco due to its borrowing limitations.
It is under these circumstances that NABARD has stepped in, promising a crop loan at a subsidised interest rate and a restoration of the interrupted educational loan.
Additionally, NABARD has committed an amount of Rs 100 crore under a crop loan scheme, modeled on the Kisan Credit Card, facilitating accessible crop loan facilities for the farmers.