CBoP eyes commercial farming sector in Punjab
Private lender Centurion Bank of Punjab (CBoP) has identified commercial farming in Punjab as a potential growth area and is aiming to disburse loans of Rs 1,500 crore to the state's farm sector in next two years.
By PTI |
CHANDIGARH: Private lender Centurion Bank of Punjab (CBoP) has identified commercial farming in Punjab as a potential growth area and is aiming to disburse loans of Rs 1,500 crore to the state's farm sector in next two years.
"We have found that commercial farming in Punjab has immense potential in the state and that is why we have now devised new strategies to tap this potential in the state in a big way," CBoP, Head (agricultural and rural division), Partap Singh said here.
The bank, with 100 per cent growth in lending to farming sector in Punjab, has lent Rs 450 crore so far to the farmers out of total agricultural lending of Rs 582 crore.
"We are hoping that the lending figure in Punjab, primarily to commercial farmers, should touch Rs 1,500 crore in two years," he said.
The bank has identified several growing farming areas such as commercial dairy farming, fisheries, floriculture, mushroom, kinnow where it intends to lend its money, he added.
CBoP, whose agricultural lending in Punjab forms 26 per cent of total advances against the RBI norm of 18 per cent, has also tied up with private companies such as Nestle, GlaxoSmithkline and state-owned Verka to extend credit for developing dairy sector in the state.
The bank, having a NPA (Non Performing Assets) level of just 0.25 per cent towards farming sector, is also looking at extending credit under National Horticulture Board's scheme for development of orchard and forestry plantations in the state, he added.
"We have already disbursed Rs 100 crore to kinnow growers in Malwa region under NHB scheme," he said.
The bank has plans to open 11 branches against holding licenses for 20 branches in Punjab, Haryana and Ganganagar in this fiscal.
"We have found that commercial farming in Punjab has immense potential in the state and that is why we have now devised new strategies to tap this potential in the state in a big way," CBoP, Head (agricultural and rural division), Partap Singh said here.
The bank, with 100 per cent growth in lending to farming sector in Punjab, has lent Rs 450 crore so far to the farmers out of total agricultural lending of Rs 582 crore.
"We are hoping that the lending figure in Punjab, primarily to commercial farmers, should touch Rs 1,500 crore in two years," he said.
The bank has identified several growing farming areas such as commercial dairy farming, fisheries, floriculture, mushroom, kinnow where it intends to lend its money, he added.
CBoP, whose agricultural lending in Punjab forms 26 per cent of total advances against the RBI norm of 18 per cent, has also tied up with private companies such as Nestle, GlaxoSmithkline and state-owned Verka to extend credit for developing dairy sector in the state.
ADVERTISEMENT
The bank, having a NPA (Non Performing Assets) level of just 0.25 per cent towards farming sector, is also looking at extending credit under National Horticulture Board's scheme for development of orchard and forestry plantations in the state, he added.
"We have already disbursed Rs 100 crore to kinnow growers in Malwa region under NHB scheme," he said.
The bank has plans to open 11 branches against holding licenses for 20 branches in Punjab, Haryana and Ganganagar in this fiscal.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
