R'sthan co-operative banks to provide Rs 500 cr loans for agribusiness, cold storage units

Jaipur, Jan 31 (PTI) Two cooperative lenders will provide loans of Rs 500 crore for the establishment of agri-processing, warehouse and cold storage units in the state.  Cooperative Minister Udailal Anjana said on Friday that the Department of Cooperatives has released a plan to provide loans to agri-processing, warehouse, cold storage units to promote agro-processing, agribusiness and agri-exports.

A scheme of financing from Apex Bank and Central Cooperative Banks has been implemented for setting up these units. Under this, loans of Rs 500 crore will be made available to farmers and entrepreneurs setting up units.

He said that a scheme in this regard has been issued by the Department of Cooperatives.

He said that the intention of Chief Minister Ashok Gehlot is to ensure that farmers' income is doubled and they get full value of their products. Keeping this in mind, this initiative has been taken.

Under this, new and currently established agro-processing and agribusiness enterprises that are adopting modernisation, expansion or diversification will be financed by cooperative banks.  Principal Secretary of Cooperative Department Naresh Pal Gangwar said that loans of up to 75 per cent will be given for setting up units by cooperative banks at the interest rate of 10 per cent.  He said the state government will provide 6 per cent subsidy with a maximum limit of Rs 1 crore for five years to farmers or a group of farmers for setting up such units whereas entrepreneurs will be given 5 per cent interest subsidy for a period of 5 years with maximum interest subsidy of Rs 50 lakh.

Cooperatives Registrar Neeraj K Pawan said that under the scheme, one per cent additional interest subsidy will be given on the bank loan to units located in tribal areas, backward districts, scheduled castes and tribes, women and entrepreneurs under 35 years of age. PTI AG MKJ