NEW DELHI: Government today asked banks to provide resources to cooperative institutions with which they are associated to meet cash requirements of the farm sector during the ongoing rabi season.
“We had a discussion with RBI, Nabard and all public sector banks and the only item for discussion was with regard to transfer of resources to rural areas so that they will reach the farmers since the sowing season for rabi is on and a lot of this will happen through the cooperative itself,” Finance Minister Arun Jaitley said.
“Nabard (National Bank for Agriculture and Rural Development) has given details of immediate requirements on a weekly basis and it’s been decided that banks with whom the cooperatives are associated will make the resource available straightway.”
According to sources, there is requirement of about Rs 5,000 crore for the farm sector on a weekly basis for next few weeks as this is the peak rabi sowing season.
Asked about Prime Minister Narendra Modi’s statement yesterday that banks will cut lending rates, Jaitley said: “I don’t wish to add to that at all.”
Besides, the Government has directed banks to waive all transaction charges made through Rupay debit card. (AGENCIES)
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