THE RELEASE OF credit to the agriculture sector by commercial banks and regional rural banks is likely to cross ₹28 lakh crore, a new record, due to a rise in formalisation of rural credit structure, Shaji KV, chairman, Nabard said on Sunday. In the last ten years the average annual growth in the flow of agricultural credit has been in double digit at 13%. We will be crossing ₹28 lakh crore of credit flow in the current fiscal," Shaji told FE.
The agri-credit disbursement target of a record ₹27.5 lakh crore by financial institutions was set for FY25, which was 31% higher compared to target of ₹21 lakh crore in FY24. The banks had disbursed ₹25.49 lakh crore in FY24 under term and crop loans, a rise of 15% compared to FY23. The growth this year is seen to be about 10%.
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