The Kerala State Co-operative Agricultural and Rural Development Bank Ltd. (KSCARD) is expecting to secure a loan of ₹500 crore from National Bank for Agriculture and Rural Development (NABARD) at a low interest rate, the bank said on Friday.
Bank president C. K. Shajimohan discussed the matter with NABARD Chairman V. K. Shaji at a meeting in Mumbai and handed over a memorandum in this regard. The money will be used to disburse low-interest, general purpose loans to farmers. The NABARD Chairman has agreed to favourably consider the request, Mr. Shajimohan said.
In addition to this, NABARD has also agreed to sanction ₹100 crore to the bank for providing loans to farmers under a crop loan scheme modelled on the Kisan Credit Card scheme, Mr. Shajimohan said.
