United Bank to continue agricultural financing policyJune 17th, 2008 - 8:25 am ICT by IANS
Kolkata, June 16 (IANS) United Bank of India (UBI) said Monday that it would continue giving special focus on agricultural financing in West Bengal to help the sharecroppers and tenant farmers. “Banks need to support the agricultural sector of the country. There is a sharp decline in the agricultural sector’s contribution in the GDP (gross domestic product) of the country. It is felt that if the overall GDP growth has to move up to double digit, the agriculture growth has to be improved to at least four percent,” said P.K. Gupta, chairman and managing director of UBI, on the sidelines of a conference here.
According to him, the major problem of financing the farmers is that they do not have any official documents of tenancy.
“Fortunately in West Bengal, we have block land and land reform officers who provide official certification of tenancy,” he added.
He also urged the other states to follow this model.
The State Level Bankers’ Committee (SLBC) in 2007-08 planned to finance 200,000 small farmers to help the agricultural sector grow. But it could finance only 91,000 farmers.
Gupta promised that all eligible farmers would get loan this year.
He said financial inclusion was a challenge for the country as the growth had to touch all sections of the society.
C.K. Dhanuka, chairman of Federation of Indian Chambers of Commerce and Industry (Ficci)-eastern region council, said: “The fact that the Indian banking sector remained completely untouched by the sub-prime crisis speaks volumes about the risk management system of the Indian banking sector.”
About the lending rates, he said: “There is no plan to change lending rates now.”
- UBI to extend banking services in 1,612 Bengal villages - Jul 21, 2012
- Economists divided on impact of rate hikes on India's growth - Sep 20, 2011
- India to cut subsidies to 1.75 percent of GDP in 3 years: Mukherjee - May 05, 2012
- Indian economy to grow by 6.9 percent this fiscal (Lead) - Feb 07, 2012
- India's economic growth dips to 9-year low of 5.3 percent (Roundup) - May 31, 2012
- High interest rates, agriculture threaten growth rate: Sinha - Mar 05, 2011
- World Bank approves funding for India's agricultural project - Mar 28, 2012
- UBI proposal for India-Myanmar trade - Mar 19, 2012
- RBI will adjust monetary policy to spur growth: Pranab (Roundup) - Jun 16, 2012
- India's GDP growth dips to 9-year low of 5.3 percent (Lead) - May 31, 2012
- Budget highlights 4 - Mar 16, 2012
- No dilution of majority stake in public sector banks: Mukherjee - Jul 19, 2009
- Budget highlights 3 - Mar 16, 2012
- Indian economy grows slowest in six quarters (Roundup) - Aug 30, 2011
- Banks' non-performing assets may rise: Assocham - Aug 14, 2011
Tags: agricultural sector, bank of india, banking sector, chambers of commerce, chambers of commerce and industry, dhanuka, eligible farmers, ficci, gdp growth, indian chambers of commerce, k gupta, land reform, risk management system, sharecroppers, slbc, sub prime crisis, tenant farmers, united bank, united bank of india, west bengal