Multiple schemes launched to meet emergent fund needs due to COVID 19
Bank of Baroda, India’s leading public sector lender, announced various schemes for the agriculture sector to ensure immediate financial assistant to Women Self Help Groups (SHG), to meet their domestic and agriculture needs and an Emergency Credit Line for Farmer Producer Organization (FPO/ FPC) to meet the temporary liquidity mismatch of FPO / FPCs arising out of COVID-19.
Under the Additional Assurance to SHGs-COVID19 scheme, the Bank will provide support to existing SHG’s facilities in the form of CC/OD/TL/DL. The minimum loan amount is Rs. 30000 per SHG and maximum loan amount granted under the scheme is Rs. 1 lakh per member, repayable in 24 months.
The repayment for this scheme would be on a monthly / quarterly basis and the moratorium will be for a period six months from the date of disbursement.
Under the Baroda emergency credit line for FPO/FPC scheme, the objective is to meet the temporary liquidity mismatch of FPO/FPC arising of COVID 19. A limit of 10% of the combined limits will be sanctioned with maximum amount of Rs. 500,000 with the tenor of 36 months. The moratorium period is for a maximum of six months.
Under the Baroda special scheme for existing agriculture investment credit borrowers including Dairy, Fisheries etc., the Bank will provide instant credit for the farming community to meet the emergent funds requirement for farm maintenance and other farm related activities due to COVID 19. The limit stands at 10% of other agriculture sanction limit (i.e. minimum Rs. 10000) and maximum Rs. 50000 for existing regular investment credit agriculture accounts.
Under the Baroda Special scheme for existing Crop Loan borrowers impacted by COVID 19, a scheme for instant credit for farming funds for the requirement of agriculture and related domestic purpose has been launched. The limit for this scheme is 10% of KCC sanction limit i.e. Minimum Rs.10000/- and Maximum Rs.50000/- for existing regular KCC holders. Shri Vikramaditya Singh Khichi, Executive Director said, “At Bank of Baroda, we want to extend financial support to women self-help groups and the farming community so that their emergent fund needs are met with ease during these difficult times. We urge farmers and women SHGs to avail of the instant credit made available to support farm maintenance, other related activities and domestic needs for continuing their activities.”
About Bank of Baroda:
Bank of Baroda (“The Bank”) established on July 20, 1908 is a State-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.
Bank of Baroda is India’s leading public sector lender with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 9,500+ branches, 13,400+ ATMs and 1,200+ self-service e-lobbies. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. India First Life Insurance and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.