NABARD to increase credit for dairy sector to Rs 300 cr
To boost dairy sector in Punjab, National Bank for Agriculture and Rural Development (NABARD) today launched a comprehensive area-based scheme on dairy development.
With this scheme, the credit flow to dairy will be increased to Rs 300 crore this year, an official said here.
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Nalin K Rai, Deputy District Manager, NABARD, said last year Rs 60 crore of loans were provided to the dairy farmers.
"This year we are expecting this figure to touch Rs 300 crore, as with the launch of the scheme farmers without pledging their properties will be getting loans.
"Ludhiana has become the first district to get this scheme and it will be launched soon in the districts of Jalandhar and Roopnagar," he added.
"We are going to provide loans upto four lakhs without any collateral security to them and for ensuring that banks get their money back, joint liability groups will be formed. These will be acting as social pressure groups if anyone attempts to default," Rai said.
The scheme, which attempts to take all stakeholders from dairy farmers, milk plants, self help groups, research institutes, private sector to administration on board, was launched at the Central Institute of Post Harvest Engineering and Technology (CIPHET).
Announcing launch of the scheme, NABARD Chief General Manager Krishan Jindal said the scheme will especially benefit small and medium size dairy farmers.
For ensuring the success of the scheme, a committee headed by principal secretary with members from department of animal husbandry, dairy development and fisheries would be monitoring the scheme at the state level.