Banks rely on farmers for new loans
Synopsis
Economists attribute this trend to farm sector doing better than the urban-centric sectors like industries and services during the pandemic. ” Farm loans growth was broadly in line with what has been happening in the past few years” said Indranil Sengupta, chief India economist, Bank of America Securities. ” But the rural and the agricultural sector has not been as much affected by the pandemic”
MUMBAI: With agriculture as the lone sector making a positive contribution to India’s GDP during posting a positive growth in GDP in the post pandemic period, the farmer has come to the bankers rescue in helping them grow their loan books.”In Q2′( July-September)2020-21 growth in new loans was witnessed primarily in the agriculture sector and in the personal (retail) loans segment” the central bank said in its latest Financial Stability Report.
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