Page 47 - Banking Finance March 2025

ARTICLE

Affordable internet: Promote affordable internet Comprehensive frameworks: Develop comprehensive
access to ensure that all citizens can benefit from DPI. frameworks for data privacy and governance.
Digital literacy: Invest in digital literacy programs to Ethical use: Ensure the ethical use of data and protect
equip citizens with the skills needed to use DPI citizens' privacy rights.
effectively. Transparency: Promote transparency in data collection,
2. Strengthening Cybersecurity storage, and use.
Robust measures: Implement robust cybersecurity 5. Innovation and Research
measures to protect DPI infrastructure and data. Emerging technologies: Explore and adopt emerging
Awareness: Raise awareness about cybersecurity technologies, such as artificial intelligence, blockchain,
threats and best practices among citizens and and the Internet of Things, to enhance DPI.
organizations. Research and development: Invest in research and

Collaboration: Foster collaboration between development to drive innovation in DPI.
government, businesses, and academia to address 6. Global Collaboration
cybersecurity challenges. International partnerships: Collaborate with other
3. Promoting Interoperability countries to share best practices and learn from global
experiences.
Standards: Develop and adopt international standards
for DPI to ensure seamless integration of different Standards development: Participate in international
systems. standards development efforts to shape the future of
DPI.
Collaboration: Encourage collaboration among
government agencies, businesses, and technology
By focusing on these areas, India can continue to be a global
providers to promote interoperability.
leader in DPI and realize its full potential for economic
4. Data Privacy and Governance growth, social inclusion, and good governance.

Nabard chief sees FY25 farm credit offtake to Rs. 27 lakh crore
Agriculture credit growth this financial year is likely to be more than 13 per cent, reaching Rs 27-28 trillion, said
National Bank for Agriculture and Rural Development (NABARD) chairman Shaji KV, at a media interaction in New
Delhi.
"Over the past decade, agricultural credit has consistently grown at an average rate of 13 per cent. In FY25, we
anticipate reaching around Rs 27-28 trillion in agricultural credit, higher than growth rates in other sectors. More-
over, this growth reflects a more granular approach - the reliance on informal credit sources is declining signifi-
cantly. This shift indicates a trend towards the formalisation of rural credit, which benefits rural communities. Ac-
cessing formal credit sources generally leads to lower interest rates, resulting in better margins for these individuals
compared to relying on informal lenders," said Shaji.
The government sets annual targets for ground-level credit (GLC) in the agriculture sector for scheduled commercial
banks (SCBs), regional rural banks (RRBs), and rural cooperative banks (RCBs).
In FY24, Rs 25.1 trillion (provisional) has been disbursed, surpassing the target of Rs 20 trillion by 25 per cent.
Highlighting the issues in credit growth, the Nabard chairman said farmers will need to present their records for
credit growth, which requires proper know your customer (KYC) procedures linked to their agricultural activities.
However, in some areas, the lack of accessible land records remains a barrier.

42 | 2025 | MARCH | BANKING FINANCE