There is no retreat in bank consolidation; Farmers will be given more credit: Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that the central government is monitoring the money that banks are giving to farmers. He said that the central government has been compensated for the efforts of farmers to get more loans and target Rs 1 lakh crore for next fiscal. And there is no backdrop for consolidation in public sector banks; He said that it would be implemented as per the plan.

Various proposals for development of budget jet farmers were announced for the 2020-21 financial year. It is planned to double the income of farmers by 2022. Apart from this, Tk 6.6 crore has been allocated for the development of agricultural sector. The Prime Minister has allocated Tk 75 billion for the financial year under the Kisan Honor Fund. Similarly, the government has set a target of Tk 1 billion for the next fiscal year. This is 5 percent higher than the current fiscal target. The target for the current financial year is Tk 1.5 lakh crore.

The Reserve Bank of India held a meeting in Delhi yesterday. Nirmala Sitharaman, who attended the meeting, met with reporters after the meeting. He said: credit Credit credit limit has been increased to give more credit to farmers. We are constantly monitoring the credit performance of banks. We are noticing the amount of credit that banks provide, especially in rural communities. We expect to increase demand and increase borrowing accordingly. We are hopeful of achieving this goal in terms of goal lending, “he said.

Agricultural loan loan interest is 3 percent. In this case, to facilitate short-term agricultural loans, the central government subsidizes farmers at 2% of the total interest rate. Agricultural loans up to Tk 1 lakh are being paid at% interest.

The central government announced in August last year the conversion of four public sector banks into four banks. It has been announced that it will take effect from April 1. With only 5 days left in April, the question remains whether the planned bank consolidation will be effective.

As Nirmala Sitharaman said, there is no option to withdraw from the bank’s consolidation. He said that everything would be implemented in time.

See the benefits of reducing interest soon

Reserve Bank Governor Shakikantha Das said the benefits of interest reduction could be seen soon. He told reporters after the meeting of the Board of Directors of the Reserve Bank that the borrowing had begun to rise. He also added that there is a growing trend in lending in which interest rates are already moving. He said that it would be impossible to admit that a reduction in interest was not effective, but that a reduction in interest had begun. He said nding levels will increase further in the coming months.

The last financial policy meeting of the current fiscal year was held in the first week of February. The meeting did not reduce interest rates. RBI has announced that they will continue to do so at 5.15 percent. Interest rates have not been reduced due to rising inflation. At the previous meeting, interest rates were not reduced. However, it has reduced interest rates for the five years drawn last year. Reduced to about 135 base points. Banks do not already apply interest reduction properly. So the benefit of interest reduction is not reaching the people. Das said that the focus of the interest reduction program is to focus on the full benefits of interest reduction. He said the success of interest reduction will be seen soon.

July to June is a financial year for the RBI. The Reserve Bank of India (RBI) plans to take a fiscal year from April to March. Shakti Khandadas has said that a decision will be taken soon.

Steve Austin

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