India News | LG Assures Adequate Funds for Revival of Cooperative Banks in J-K

Jammu, Feb 19 (PTI) Jammu and Kashmir Lt Governor Manoj Sinha on Sunday assured all the assistance to farmers and adequate funds for the revival of cooperative banks in the Union Territory.

Addressing a seminar on ‘Financing the Future of Agriculture' here, Sinha exhorted the banking sector to play a lead role in realising the dream of accelerated development of Agriculture and allied sector.

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“We will provide all assistance to farmers and adequate funds for the revival of cooperative banks,” he said.

Highlighting the transformation in the agriculture sector, the Lt Governor said the progressive reforms introduced by the administration in the last three years are paying dividends to farmers.

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“The Amrit Kaal provides us an opportunity to transform the agriculture sector and also protect the farmers from effects of unpredictable markets, climate change and loss of biodiversity,” he observed.

The Lt Governor said projects under holistic development of agriculture and allied sector being implemented in J&K is one amongst the few major long-term and groundbreaking interventions in the agricultural horizon of the country.

"The revolutionary projects worth Rs 5,013 crore for holistic development of agriculture and allied sector will provide practical solutions to meet the future challenges, accelerate the growth momentum and usher in a new era of farmer prosperity and rural livelihood security in J&K,” he said.

He said the holistic development of agriculture and allied sectors will develop a strong ecosystem of agriculture entrepreneurs in Jammu and Kashmir and create jobs in the sectors.

“It will cross the Rs 30,000 crore mark in the 4th year,” he noted.

The Lt Governor emphasized on streamlining the institutional credit flow to the farmers. “J&K has its share of challenges of geo-climatic conditions which are mostly affecting small and marginal farmers. The onus lies on all banks to connect these farmers with the banking system,” he said.

He said the banking institutions are the most important support system to ensure maximum institutional credit reaches the farmers, especially in unbanked villages.

“Promoting institutional credit in the agriculture sector will be a game changer in strengthening the agriculture economy and realizing the goal of inclusive and balanced development. Credit access for tenant, small and medium farmers must be ensured,” he said.

The Lt Governor underscored the significant role of the regional rural banks in credit flow and extension of credit facilities to every farmer.

“In the last eight years, credit by the commercial banks has doubled. Still, we have to increase the credit flow and ensure equal disbursement of institutional credit and identify the areas which are facing inequality,” he said.

Sinha asked the banks to work in a planned manner and ensure time bound saturation of KCC for all farmers associated with agriculture and allied activities.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)