State agri BoBs with Rs 871-cr credit

Vadodara, Mar 29 | Updated: Mar 30 2007, 07:41am hrs
As a part of its efforts to increase agricultural finance, the Bank of Baroda (BoB) has sanctioned loans to purchase nearly 6,200 tractors in a six-month period under its investment credit campaign in Gujarat. Senior manager, marketing, BoB, Arun Tyagi claimed that his bank had set a kind of record at a national level by disbursing more than 1,000 loans every month to purchase tractors.

Speaking to FE, he informed that BoB has launched an credit investment campaign under the guidance of general manager, GJ Joshi, with a view to increase finance in the farm mechanisation sector. To make the task easy for the farmers, BoB has also initiated a new idea of creating farmers clubs and today there are 700 such clubs across the state.

Providing more details, Joshi said that BoB has sanctioned Rs 871 crore towards the agricultural finance from April 2006. Out of the 25 districts, BoB is a leading bank in providing agro-finance in 11 districts. The farmers clubs have not only aided the increase in finance in the agri sector, they have also become instrumental in repaying loans, he added.