AP Government asks banks to expedite crop loan disbursements
Hyderabad, Jul 25 (PTI) Andhra Pradesh Government today requested banks to expedite disbursement of crop loans as sowing operation has picked up because of good monsoon during the ongoing kharif season.
While a loan target of Rs 67,224 crore has been fixed for the 2013-14 crop season, a sum of Rs 13,951 crore has so far been distributed to farmers so far, Chief Minister N Kiran Kumar Reddy was informed at a high-level review meeting on agriculture here today.
*Thanks to copious rains, cropping is expected in 86.
95 lakh hectares during this kharif season as against the normal sown area of 81.12 lakh hectares the Chief Ministers Office said in a release.
Foodgrain production is also expected to touch 119.34 lakh tonnes against the normal 99.78 lakh tonnes, it said.
The Chief Minister wanted the bankers to fix a one- year period for repayment of crop loans (up to Rs one lakh) under the interest-free credit scheme, the release said.
The State Government would release an amount of Rs 500 crore to banks as interest component on such loans. Another Rs 60 crore would be released for crop loans under the 25 paise interest scheme, it said.
Reddy directed officials to make arrangements matching international standards for the World Agricultural Congress to be held here from November 4 to 7. He said Prime Minister Manmohan Singh has been invited to inaugurate the meet, which will discuss African, Asian and Indian farm practices.
Agriculture Minister Kanna Lakshminarayana, Chief Secretary P K Mohanty, Principal Secretary (Agriculture) Anil Chandra Punetha and other officials attended the review meeting.