The Hindu Business Line : Allahabad Bank details farm credit facilities

ALLAHABAD Bank has set a fresh target for disbursing agricultural credit for the current year. It plans to disburse Rs 3,016 crore this fiscal to record a 76-per cent increase in agricultural lending by March 2005.

The bank's move follows the policy package announced by the Finance Minister to augment the flow of credit to agriculture. It has tied up with farm equipment manufacturers as part of its strategy. Financing of tractors and power tillers is a major component of farm credit flow, according to the bank's press note . Tie-ups have been worked out with companies like Punjab Tractors, Escorts, New Holland Tractors and International Tractors. An arrangement has been worked out with Greaves Cotton for funding power tillers as well.

Special schemes have been prepared to provide relaxations in minimum land holding criteria from 2.5 acres to two acres in case of power tillers and from four acres to three acres in case of 35 horse power (HP) tractors.

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