The Indian Bank has launched three new products to support farmers, poultry players and the workforce in the informal sector during the current crisis triggered by the outbreak of dreaded Covid-19 virus.
Under the IND Covid Emergency Agro-Processing Loan, agro-processing units can avail 10 per cent of the working capital limit.
Borrowers in the poultry sector (layer/breeder/broiler) can avail 20 per cent of the working capital limit under the IND Covid Emergency Poultry Loan scheme.
Similarly, under the IND KCC Covid Sahaya Loan, farmers cultivating crops and rearing animals and having Kissan Credit Card facility can avail 10 per cent of the limit as a soft loan, Indian Bank said in a statement. The loans are repayable in easy instalments with six months moratorium period, it said.
Besides, under a special credit package “SHG Covid Sahaya Loan”, women members of Self Help Groups can avail loan @₹5,000 each. Thus an SHG with 20 members can avail a loan up to ₹1,00,000 as a soft loan repayable in easy instalments, the Bank said.
Covid-19 has affected farmers and workforce in the informal sector as well. While the food and agro-processing companies’ have witnessed a decline in cash flow, farmers are facing a liquidity crisis as they have difficulties in working on their land and while accessing markets to sell their products or buy essential inputs. In the poultry sector, the industry is affected by fake news spread among the common public about their products.