Page 39 - BF Cover February 2019

ARTICLE

Role of Bank in

doubling

farmers’

income

In a changing environment banks are diversifying their role overcome these problems the pradhan mantra fasal bima
in the agriculture sector in order to get doubling yojna (PMFBY) is the best solution.It has been made more
farmers'income and revenue from their significant inclusive with a meager premium of only 1.5 to 2.0 % for
contribution to Agriculture. Some of the new roles that arable cropping and 5 % of the sum insured for fruits
banks have adopted are Marketing, Training and vegetables and plantation crops. These all things can not
consultancy, insurance and finance for infrastructure via be a reality without banks.
private public participation.
However banks are doing their best but due to some reasons
Insurance : Indian Agriculture depends heavily on the like convincing the farmers about this scheme,the scheme
monsoon. crops often get demaged because of abrupt is not picking up as it is desired. Otherwise it may do wonders
changes in the weather. The suicide cases of cotton growing for farmers. Banks are implementing this scheme under
farmers in Andhra pradesh and Maharastra are an every day
thing now. Crop failure is a major stress which every
household in the rural india faces at some point of time. The
intensity and frequency is more in rainfed areas. To

About the author

Union Bank of India, Lucknow
Rajeev Kumar
Rajeev Kumar
Chief Manager
Chief Manager
Union Bank of India, Lucknow
Union Bank of India, Lucknow

BANKING FINANCE | FEBRUARY | 2019 | 39