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State Bank of India (SBI) has signed a master agreement with Adani Capital for co-lending to farmers for purchase of tractor and farm implements, to increase efficiency in farm operations and productivity of crops.
Adani Capital is the non-banking finance company (NBFC) arm of Adani Group.
SBI, in a statement, said with this partnership, it would be able to target farmer customers in the interior hinterland of the country looking for adoption of farm mechanisation to enhance productivity of crops.
Co-lending opportunities
India’s largest bank underscofed that it is actively looking at co-lending opportunities with multiple NBFCs for financing farm mechanisation, warehouse receipt finance, Farmer Producer Organisations (FPOs) etc., for enhancing credit flow to double the farmers’ income.
Dinesh Khara, Chairman, SBI said “This partnership shall help SBI to expand customer base as well as connect with the underserved farming segment of the country and further contribute towards the growth of India’s farm economy.
“We will continue to work with more NBFCs in order to reach out to maximum customers in far flung areas and provide last mile banking services.”
Gaurav Gupta, MD & CEO, Adani Capital said, “Through this partnership our aim is to contribute to farm mechanisation and play a role in improving productivity and income of the farm segment.”
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