SBI Join Hands With Adani Capital For Co-Lending To Farmers

India’s largest lender, State Bank of India SBI, is working with Adani Capital as a co-loan partner to provide loans to farmers in the country.

The State Bank of India (SBI) has teamed up with Adani Capital Private Limited (Adani Capital), the NBFC division of the Adani Group, to provide loans to farmers to purchase tractors and agricultural machinery and are the basis for increasing farm efficiency. I have signed a contract. SBI said in a statement Thursday about crop productivity.

SBI said the partnership could be aimed at landlocked local farming customers who wish to introduce agricultural machinery to increase crop productivity.

“SBI finances many NBFC loans for farmer mechanization, funding warehouse income, farmer organizations (FPO), etc. to encourage the flow of credit to double farmers’ income. We are actively examining the possibilities for this. ”

SBI Chairman Dinesh Hara said this partnership will help SBI expand its customer base, connect with the agricultural segment of underserved countries and continue to contribute to the growth of India’s agricultural economy.

“We will continue to work with more NBFCs to reach our largest customers in remote areas and provide last mile banking services,” said Hara.

Gaurav Gupta, PhD and CEO of Adani Capital, said the company’s goal is to help mechanize agriculture and increase productivity and income in the agricultural sector.

“Our goal is to provide financial loans to Indian micro-entrepreneurs. Our partnership with SBI is aimed at unbanked/underserved Indian farmers. “He added.

According to the RBI guidelines on joint lending between banks and NBFCs, priority sectoral lending aims to increase the flow of affordable credit to stressed and underserved sectors of the economy. is

(This story was not edited by NDTV staff and was created automatically by a syndicated show.)