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Agri-NBFCs want inclusion in govt subsidy schemes
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SME Times News Bureau | 26 Jan, 2021
In a bid to strengthen Agri-NBFCs and help it become a
significant contributor in financing the entire value chain of
agriculture, the government may consider including these financial
institutions in all state supported subsidy schemes and programmes.
The
Agri sector NBFCs have made a strong case for including them in various
subsidy schemes and programmes of the government, a benefit hitherto
available only to the Banks.
This is a demand that would be given
due consideration while framing financing regulations for the
agricultural sector, official sources said.
"This (inclusion of
Agri NBFCs in government programmes) will bring about certainty and
predictability in the business of rural lending and make the system
transparent in terms of policy implementation. Additionally, customer
benefits will also significantly increase," said Prabhat Chaturvedi,
CEO, Netafim Agricultural Financing Agency (NAFA).
The government
statistics suggest that more than 85 per cent of the farmers are small
& marginal with less than 2 hectare of land and have less than 30
per cent access to formal credit.
To ease the access of credit
and support the government's ambition of financial inclusion, Agri-NBFCs
have played an important role by offering access to financing at
attractive and competitive commercial terms for farming equipment and
machinery. However, these NBFCs have traditionally been excluded from
the purview of government subsidy schemes.
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