Tamil Nadu finishes on top in having highest amount of outstanding farm loans
The Hindu
Chennai, Tamil Nadu tops all-India agricultural loans with ₹3.47 lakh crore, 16.5% of total. 2.79 crore accounts, mostly from commercial banks. Andhra Pradesh 2nd with ₹2.43 lakh crore, Karnataka 3rd with ₹1.81 lakh crore. Southern States 47.5% of total, no waiver proposal under consideration.
Tamil Nadu has finished on top at the all-India level for having the highest amount of outstanding agricultural loans.
As on June 30 this year, the figure of outstanding farm loans was ₹3.47 lakh crore, accounting for about 16.5% of the total. There were 2.79 crore accounts in the State which was again the highest in the country, according to a perusal of data, as provided by Union Minister of State for Finance Bhagwat Karad in his reply on Monday in the Lok Sabha on the subject of agricultural loans, quoting the National Bank for Agriculture and Rural Development (NABARD)
As for the definition of agricultural loans, a former senior NABARD official explains that the term stands for loans for agricultural production and investment in agriculture. It covers short term loans for agriculture (crop production up to 18 months), medium term loans (more than 18 months up to 5 years) such as dairy or tractor loans and long-term loans (beyond 5 years) such as horticulture.
Of the total figure for the State, commercial banks constituted the dominant share with nearly ₹3.15 lakh crore; regional rural banks (RRBs) - ₹19,129 crore and cooperative institutions - ₹13,348 crore.
Andhra Pradesh came next with about ₹2.43 lakh crore of the outstanding agricultural loans. Karnataka was in the third slot with around ₹ 1.81 lakh crore. Uttar Pradesh, Maharashtra and Rajasthan were in the fourth, fifth and sixth slots respectively with ₹1.72 lakh crore, ₹ 1.61 lakh crore and ₹1.48 lakh crore.
Southern States, as a whole, accounted for around 47.5%of the total outstanding loans with about ₹9.98 lakh crore.
The Uinon Minister also clarified that no proposal for the waiver of loans was under consideration.
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