Even today, 60 per cent of small and marginal farmers in the country are not able to take advantage of the banking system. Despite many initiatives and schemes of financial inclusion, only 40.9% small and marginal farmers have been able to join the banking system under financial banks.
30 per cent of farming families are still borrowing from
non-institutional sources which is a
concern. The Agriculture Credit Review of the Internal Working Group of the
Reserve Bank of India, headed by Deputy Governor MK Jain, raised concerns about
millions of small and marginal farmers staying away from the banking system.
An internal working group was formed by the Reserve Bank of
India in February 2019. It was given the responsibility to understand regional
disparities and other matters in the case of agricultural loans and to make
recommendations for their behavioural solutions.
Source; RSTV
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