Agriculture Current Affair 12 January 2020

With new Maha offer, farm loan write-offs touch Rs 4.7 lakh cr in last 10 yrs

Various states have cumulatively written off a whopping Rs 4.7 lakh crore of farm loans in the past one decade, which is 82 per cent of the industry-level bad loans, according to a report.

In FY19, farm loan NPAs jumped to 12.4 per cent or at 1.1 lakh crore of the Rs 8,79,000 crore of total bad loans in the system, up from Rs 48,800 crore or 8.6 per cent of the total NPAs of Rs 5,6,6,620 crore in FY16, the report by SBI Research said.

Even though agriculture NPA was only Rs 1.1 lakh crore or 12.4 per cent of the overall NPAs in FY19, if we accounted for Rs 3.14 lakh crore worth of farm loan waivers announced in the last decade, agri NPAs/burden for the exchequer/banks could be as much as staggering Rs 4.2 lakh crore and if the latest Rs 45,000-51,000 crore of write-offs announced by Maharashtra (second in three years) this it could be at Rs 4.7 lakh crore which is 82 per cent of the industry level NPAs,” the report claimed.

Adoption of zero budget natural farming could save Rs 2,100 crore in fertiliser subsidies for Andhra Pradesh

Close on the heels of the Andhra Pradesh Government’s announcement of a scale-up of Zero Budget Natural Farming (ZBNF) with a Rs 711-crore loan from KFW, Germany, comes a study that claims that AP could save big time in fertiliser subsidies.

The savings could be to the tune of nearly Rs 2,100 cr in fertiliser subsidies annually if it scaled up ZBNF to all six million farm families in the state by 2024, according to an independent study released by the Council on Energy, Environment and Water (CEEW).

SBI Zero Balance Account for Farmer 

SBI Zero Balance Account: Features

  • It is available at all branches apart from specialised branches (Personal Banking Branches or Special Personalize Banking or Mid Corporate Group or Corporate Account Group branches.
  • Easy withdrawal from the branch or any ATM
  • The account holder gets Basic RuPay ATM-cum-debit card.
  • The minimum balance amount is Zero
  • The maximum balance amount is Rs 50,000

Important points about SBI’s small accounts:

1. No minimum balance amount is required for the SBI zero balance or small account. The maximum balance amount that you can maintain in this account is fifty thousand rupees.

2. If the balance goes above Rs 50,000 then no further transaction will be permitted until the full KYC process is completed as per the SBI website.

3. The total of all withdrawals and transfers in a month must not exceed Rs 10,000 in small savings account.

4. Account holders will be able to make a maximum of 4 withdrawals in a month, including the ATM withdrawals at SBI & other banks.

5. The bank also offers the same interest rates on zero balance or small account like regular savings bank accounts. SBI gives an interest rate of 3.25% per annum on deposits less than one lakh.

6. The lender provides a basic RuPay ATM-cum-debit card to small account holders.

7. There is no annual maintenance charge for SBI’s zero balance or small account.

8. Receipt or credit of money via electronic payment channels such as NEFT/RTGS is free.

9. The deposit or collection of cheques drawn by the central or state government is also free.

10. A small savings account remains operational originally for a period of 12 months, and then for a further period of 12 months if the account holder provides evidence before the lender of having applied for any officially valid documents within 12 months of the account opening.

11. The conversion of small savings account into regular savings bank account is done by the home branch on full compliance with the KYC requirement.

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