COVID-19: Indian Bank Brings in New Products to Support Farmers and Poultry Players

In order to help and support farmers, poultry players and employees in the informal sector during the lockdown, the Indian Bank has launched three new products.

Under the IND Covid Emergency Poultry Loan scheme, the borrowers in the poultry sector (breeder/ layer/ broiler) can avail 20% of the working capital limit.

The agro-processing units can avail 10% of the working capital limit, under the IND Covid Emergency Agro-Processing Loan scheme.

In the same way, under the IND KCC Covid Sahaya Loan, farmers growing crops & rearing animals and have Kissan Credit Card (KCC) facility can avail 10% of the limit as a soft loan, informed the Indian Bank in a statement. It said that these loans are repayable in easy installments with 6 months moratorium period.

In addition, under a special credit package i.e. “SHG Covid Sahaya Loan”, the women members of Self Help Groups can get loan at Rs. 5,000 each. Therefore an SHG with 20 members can take a loan up to Rs. 1,00,000 as a soft loan repayable in easy installments, according to the Bank.

Coronavirus pandemic has not only affected the farmers but employees in the informal sector too. While the food & agro-processing companies’ have witnessed a drop in cash flow, cultivators are facing a liquidity crisis as they are facing lots of difficulties in working on their land & also while accessing markets to sell their products or purchase essential inputs. In the poultry sector, the industry is getting affected by false news that is spreading among consumers about their products.