Regular Update
ATM News Network: In a move to bolster essential infrastructure in the farm sector, the Agriculture Ministry has called on banks to actively promote the Agriculture Infrastructure Fund (AIF) worth INR 1 lakh crore. Launched on July 8, 2020, the AIF serves as a financing facility for the creation of post-harvest management infrastructure and community farm assets.
Under this scheme, a total of INR 1 lakh crore is set to be disbursed by the financial year 2025-26, while interest subvention and credit guarantee assistance will be provided until 2032-33.
During a video conference attended by over 100 banking executives, Agriculture Secretary Manoj Ahuja unveiled a new campaign for banks under the Agri Infra Fund called BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation). The campaign, scheduled to run from July 15 to August 15, aims to achieve a target of INR 7,200 crore.
Addressing the banking officials, the secretary emphasized the immense potential for agricultural infrastructure projects in the country and urged banks to meet the set targets. He also advised them to assess the on-ground impact of the projects created under the scheme.
Samuel Praveen Kumar, Joint Secretary (AIF), commended the active involvement and support of the banks in promoting the flagship scheme. He noted that the scheme has already facilitated the creation of over 31,850 agricultural infrastructure projects across the country, with a loan amount of INR 24,750 crore under the AIF, which has an overall outlay of INR 42,000 crore.
