Agriculture Gold Loan Portfolio and Support for Aatmanirbhar Bharat Schemes Show Significant Growth
NEW DELHI (India CSR): The State Bank of India (SBI) has hit an exceptional milestone in its lending to the farming and agricultural sector this fiscal year, reaching a remarkable Rs. 2,58,612 Crore – a height of lending unmatched by any other bank in India.
The bank’s comprehensive support extends to over 1.45 Crore farmers, and their agriculture gold loan portfolio has also witnessed substantial growth, from Rs. 73,600 Crore on 31st March 2022, to Rs. 83,000 Crore as of 31st March 2023.
Strong Growth in Agricultural Lending
Continuing the bank’s commitment to the farming and agricultural community, SBI’s lending reached a record-breaking Rs. 2,58,612 Crore this fiscal year.
This unprecedented amount reflects the bank’s commitment to supporting Indian farmers and contributes significantly to the agricultural sector’s financial health.
Surge in Agriculture Gold Loan Portfolio
SBI’s agriculture gold loan portfolio has witnessed significant growth in the fiscal year 2022-2023, from Rs. 73,600 Crore to Rs. 83,000 Crore.
This growth is an indication of SBI’s unwavering commitment to supporting farmers in managing their finances and supporting the agriculture industry’s overall growth.
Impressive Support to Aatmanirbhar Bharat Schemes
SBI has shown unwavering support for Aatmanirbhar Bharat schemes like the Agri Infrastructure Fund (AIF), Animal Husbandry Infrastructure Development Fund (AHIDF), and PM Formalisation of Micro Food Processing Enterprises (PM FME).
During the current financial year, the bank disbursed loans to 6,954 borrowers for an aggregate sum of Rs. 1,543 Crore, further strengthening its support to these schemes.
Consistent Achievement in Credit Disbursement
Over the years, SBI has been consistently achieving its credit disbursement targets for the farming and agricultural sector, often surpassing them. For instance, in FY2019, the bank achieved 134% of its credit target, which rose to 139% in FY2020.
The bank continued this trend in the subsequent years with an achievement of 114% in FY2021 and FY2022 and 120% in FY2023. The consistent achievement of credit disbursement targets is a testament to SBI’s dedication to propelling the growth of the agricultural sector.
