Financial Daily from THE HINDU group of publications
Monday, Oct 24, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 24, 2005 |
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Money & Banking
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Fixed Deposits Agri-Biz & Commodities - Fixed Deposits Farmers' money with banks down Our Bureau
Chennai , Oct. 23 FARMERS saw their money in bank accounts go down by Rs 15,000 crore in 2003-04. Their deposits in scheduled commercial banks (classified under the household sector category) were down to Rs 1,04,406 crore at the end of March 2004, according to statistics put out by the Reserve Bank of India. Deposits of farmers constituted about 6.6 per cent of the total deposits of Rs 15,74,256 crore as on March 31, 2004. It is not clear what accounted for the sharp decline in deposits of farmers. Bankers familiar with the subject also expressed puzzlement and said they could only hazard some guesses. "The decline may represent a drawdown of resources by farmers since many parts of the country suffered drought between 2002 and 2004. "The Government had also announced a waiver of the interest on the kharif crop in 2002", explained a public sector bank official.
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