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India's finance minister advocates for full digitization of regional rural banks

Investing.com
·2-min read

India's Finance Minister Nirmala Sitharaman called for full automation of regional rural banks and cooperative banks on Tuesday, directing the Department of Financial Services to study the gap between loan sanction and disbursement for these lenders. The announcement was made during the launch of several new initiatives aimed at supporting farmers and rural communities.

On Monday, Sitharaman launched the Kisan Rin Portal, Ghar Ghar Kisan Credit Card, and the Weather Information Network Data Systems in New Delhi. The initiatives are designed to provide real-time information on beneficiaries of these services, revolutionize agriculture, enhance financial inclusion, optimize data use, and improve farmers' lives.

During the launch, Sitharaman underscored the importance of farmers and the agricultural sector in India's economy, particularly their crucial role during the Covid lockdown. "It was rural India, the farming community, and the agricultural sector that kept the country going," she said. She added that the new portal would ensure food safety for the country and provide comfort to the economy.

The finance minister also assured full cooperation from banks to make these initiatives successful. She revealed that over ₹1,40,000 crores (approx. $16.8 billion) of insurance have been disbursed to farmers against a premium of ₹29,000 crore. The government has also allocated sufficient funds under the Kisan Credit Card scheme to ensure easy short-term loans for farmers and their onboarding onto the scheme.

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Union Minister of Agriculture and Farmers’ Welfare Narendra Singh Tomar echoed Sitharaman's sentiments at the event. The government's statement noted Sitharaman's appreciation for real-time estimation of rice and wheat crop output and her call for this estimation to be extended to 'dalhan' and 'tilhan' crops for better import planning if necessary.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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