Financial Daily from THE HINDU group of publications
Tuesday, Jul 05, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jul 05, 2005 |
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Money & Banking
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Farm credit Agri-Biz & Commodities - Farm credit SBI earmarks Rs 85 cr for farm sector loans in Mangalore region Our Bureau
Vittal , July 4 THE Mangalore Regional Business office of State Bank of India is planning to disburse Rs 85 crore to agriculture sector during the current financial year. Dakshina Kannada, Udupi, Chikmagalur, Shimoga, Hassan and Kodagu districts come under the jurisdiction of Mangalore regional office. Launching the arecanut `produce loan' facility at Vittal, nearly 50 km from Mangalore, in Dakshina Kannada district on Monday, Dr V. Eswaran, Regional Manager of SBI, said that the bank has plans to disburse Rs 50 crore to the agriculture sector in Dakshina Kannada and Udupi districts during 2005-06. The `produce loan' facility was jointly launched by SBI and Central Arecanut and Cocoa Marketing and Processing Cooperative (Campco) Ltd at Vittal on Monday. Stating that the bank has worked out special interest rates for the `produce loan' facility, he said arecanut-growing Campco members could avail themselves of this facility. Dr Eswaran said that SBI's share in banking business in Dakshina Kannada district stood at 15 per cent. As the bank's share in agriculture sector in Mangalore region was not so encouraging, it decided to earmark a significant amount to this sector. He said the bank is planning to shift its branch in Alike village, near Vittal, to Vittal town. "With this, we can reach a larger section of agriculturists in the region," he said. The Campco President, Mr L.N. Kudoor, who presided over the function, said that the `produce loan' facility would soon be introduced in Puttur and Sullia in Dakshina Kannada district, and Badiadka in Kasaragod district of Kerala. Under the scheme, arecanut growers can pledge the commodity with Campco and avail of the loan at an interest rate of 8.5 per cent. The growers would get up to 60 per cent of the value of the commodity. The Member of Parliament of Mangalore, Mr D.V. Sadananda Gowda, said that the Union Government is planning to set up a Rs 1,000-crore market stabilisation fund for crops such as coffee, tea and rubber. This fund should also cover arecanut, he said. The President of All-India Areca Growers' Association, Mr M. Srinivas Achar, said that only 10 per cent of arecanut business is under cooperative sector. Arecanut growers should become members of cooperative institutions such as Campco to strengthen the arecanut market, he added.
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