Centre launches Rs 1,000 crore credit guarantee scheme for farmers

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Centre launches Rs 1,000 crore credit guarantee scheme for farmers - Business Standard

Quick Summary:

Union food minister Pralhad Joshi on Monday launched a Rs 1,000 crore credit guarantee scheme to help farmers easily access post-harvest loans by leveraging electronic warehouse receipts.

Food Secretary Sanjeev Chopra highlighted the significant potential for expansion, noting that current post-harvest lending stands at just Rs 40,000 crore out of total agricultural lending of Rs 21 lakh crore.

The scheme aims to reduce banks' reluctance to lend against electronic negotiable warehouse receipts (e-NWRs) issued by Warehousing Development and Regulatory Authority (WDRA) registered repositories.