Maharashtra Chief Minister Devendra Fadnavis has once again given clear instructions to the banks not to impose a CIBIL score to give agricultural loans to the farmers. Due to the strictness of CIBIL’s terms, farmers do not get loans, affecting agricultural production. It also has a negative impact on the economy, which increases the suicides of farmers.
In the 167th meeting of the State Level Bankers Committee, the Chief Minister warned that action would be taken if a bank branch sought a CIBIL report. An FIR has been lodged against the branches violating this order. The government has already issued strict instructions in this regard. Now banks will have to work responsibly. The Reserve Bank has also clarified that action will be taken against bank branches emphasizing CIBIL scores in agricultural loan cases. He urged banks to meet the agricultural loan target set for the year 2025-26.
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Plan of Rs 44.76 lakh crore approved
In this meeting, an annual loan scheme of Rs 44.76 lakh crore for Maharashtra was approved. Underlining the agricultural-focused role of the state, Fadnavis said that farmers are the backbone of the state and the agricultural economy is the centerpiece of the economy. He said that the Meteorological Department has predicted good rains, which will improve crops. In such a situation, banks should provide maximum loan and assistance to farmers, because agriculture is directly in the interest of both banks and farmers.
The Chief Minister said that a new policy is being implemented to promote investment in agriculture, in which banks will play an important role. An annual investment target of Rs 5,000 crore has been set for the region. Agriculture is no longer a subsidiary area, but has become a commercial field that requires active participation of banks.
Develop agriculture as a business
The Chief Minister asked the banks to not only see agriculture as a rehabilitation sector, but also see it from a commercial point of view. Investment in this sector will also benefit banks. Along with this, he also suggested that the policy of honoring good work and branches should be adopted and strict action should be taken against those who are negligent.
Maharashtra has now become a half -trillion dollar economy and is now moving fast towards a trillion dollar economy. The role of banks is important in this. Davos has incurred a foreign direct investment of Rs 16 lakh crore to the state and has become a Maharashtra startup capital.
Maharashtra is also a leading state in the field of micro, small and medium enterprises and has immense investment possibilities. He asked banks to give priority to women entrepreneurs in giving loans and actively participate in the MSME sector to provide benefits of government schemes. Fadnavis said that there are a large number of agricultural production companies in the state, which can help in furthering the agricultural sector. He urged banks to pay special attention to backward districts like Gadchiroli, where new industries are developing.
