Punjab Rural Development and Panchayat Minister Tript Rajinder Singh Bajwa has invited the National Bank for Agriculture and Rural Development (NABARD) and other banks to come forward for the survival of farming sector.
Bajwa, during a State-level function of NABARD on Tuesday, said that NABARD should come forward to provide loan on lower rates to the farming sector. NABARD has an important part in providing loans for farming sector but lot of work needs to be done in this regard, he said.
In his address, Bajwa pointed that NABARD had lowered the credit limit of the self help groups from `6440 crore to `4140 crore, which needs to be increased.
He said that during the Dr Manmohan Singh Government at the Centre, the crop loan was provided at the rate of seven percent in 2006. But after every year, half percent started increasing, and now the rate is 4.5 percent, he added.
“With this effect, the profit of the cooperative societies are at the point of 2.5 percent,” he said adding that NABARD should take up t ue with the Central Government.
Bajwa said that farmers of Punjab are facing new problems such as stubble burning. “For addressing this problem, NABARD should come forward,” he said.