Bank of Baroda, has taken new initiatives towards improving credit penetration in farm mechanization and in order to take this forward, the Bank took three initiatives on single day, all focused on providing better financial service to farmers and empowering them towards farm mechanization.
Executive Director, Mr. Vikramaditya Singh Khichi, launched the program virtually and said “Agriculture sector is the only resilient sector with least impact by the COVID pandemic. With more than normal monsoon, the economy is expected to revive through contribution from agriculture sector. To boost the credit flow to agriculture segment, Govt of India has launched 3 schemes viz. Agri Infrastructure Fund, Infrastructure Fund for Animal Husbandry & Pradhan Mantri Formalization of Micro Food Enterprises (PM FME), which will be helpful as well. At Bank of Baroda we strive to make our products competitive and improve our processes keeping the customers at the centre. The new cluster model will help in maintaining TAT for customers and improvise the credit quality.”
The Bank also entered into an MOU with Baroda based Tractor OEM M/s Gromax Agri Equipment Limited (GAEL).