Ace Agri DIV and SBI Join Hands to Deliver Five 'Ace Ultra' Harvesters to Farmers

Ace Agri DIV hosted the "Ace Harvester- Mega Delivery Function" on March 19, 2024, at the Gulshan Dhaba in Kosi Kalan, Mathura, Uttar Pradesh. The one-day event delivered its latest 'Ace Ultra' Harvesters to five farmers. This initiative, part of a Memorandum of Understanding (MoU) between ACE and the State Bank of India (SBI), aims to enhance agricultural productivity and efficiency across the region. The ceremony, named the 'Mega-Delivery Function', was held at the famous Gulshan Dhaba in Kosi Kalan, Uttar Pradesh drawing attendees from various sectors to witness this moment.

The event kickstarted with a lamp-lighting ceremony in the presence of the guest of honor, Mr. Rajeev Ratna Srivastava, Deputy General Manager (ABU & GSS) of the State Bank of India (SBI).

Ace Agri DIV and SBI together, orchestrated the delivery of five 'Ace Ultra' tractors to farmers in Uttar Pradesh- Mr. Arjun Singh (Supana), Mr. Bhojpal (Umrala), Mr. Jitender Singh (Supana), Mr. Naresh Kumar (Supana) and Mr. Awadhesh Chauhan. These harvesters, with high operating efficiency and less fuel consumption, were made accessible to these farmers through the support extended by the State Bank of India under the Agricultural Infrastructure Fund (AIF) Scheme, a Rs 1 lakh crore Agri Infrastructure Fund announced in 2020 to farm-gate infrastructure for farmers and to address crucial needs in the agricultural sector.

The AIF Scheme, with its strategic focus on bolstering agricultural infrastructure in collaboration with Uttar Pradesh's government relaxation for mechanization for local farmers, offered loans at an interest rate of a mere three percent, heralding a new era of accessibility and affordability in agricultural financing.

Speaking on the occasion, Mr. Rajeev Ratna Srivastava expressed, "We are delighted to join hands with ACE today in extending our reach to farmers even in the most remote areas. This 'mega delivery function' was made possible through the support of schemes and provisions offered by both the central and state governments, facilitating low-interest loan services for farmers. The key message here today is the importance of timely repayment of these loans to uphold one's CIBIL score. Defaulting on loans not only affects individual farmers but also hinders banks from supporting farmers in the future."

Mr. Ashok Anantharaman, Chief Operating Officer (COO) of ACE, empathized with Srivastava's sentiments, stating, "As a 100% Swadeshi brand, our longstanding goal has been to ensure farm mechanization reaches even the most remote areas. The Memorandum of Understanding (MoU) signed between us and SBI marks a step towards achieving this objective. Through this MoU, we have already delivered 12 machinery across Uttar Pradesh, and we aim to expand our efforts even further in the coming months both in Uttar Pradesh and then pan-India"

When questioned about the scrutiny process for selecting farmers, Anantharaman explained, "Our team primarily focuses on assessing the farmer's CIBIL score by thoroughly examining their financial history. Additionally, we verify that all their documentation is accurate and up-to-date."

The event's significance extended beyond mere transactional exchanges; it symbolized a tangible manifestation of collaborative efforts to foster agricultural growth and resilience. The MoU inked between Ace Agri DIV and SBI in November 2023 served as the cornerstone for this partnership, facilitating the distribution of agricultural machinery to deserving beneficiaries.

Understanding the AIF Scheme

In 2020, the Union Cabinet launched the Central Sector Scheme named the Agriculture Infrastructure Fund. This scheme aims to offer medium to long-term debt financing options for investment in feasible projects related to post-harvest management infrastructure and communal farming assets, with support provided through interest subvention and financial assistance. It enables farmers to invest in modern equipment, machinery, and infrastructure essential for enhancing productivity and competitiveness.

Demystifying CIBIL Score

The Credit Information Bureau (India) Limited (CIBIL) score serves as a metric in the realm of credit assessment, encapsulating an individual's creditworthiness and financial health. Ranging from 300 to 900, with higher scores signifying greater creditworthiness, maintaining a good CIBIL score is imperative for accessing favorable credit terms and financial opportunities.

Guidelines for CIBIL Score Maintenance

1. Timely Bill Payments: Cultivate a habit of punctual bill payments for credit cards, loan EMIs, and other financial obligations to fortify your CIBIL score.
2. Prudent Credit Utilization: Exercise restraint in utilizing credit facilities, keeping your credit utilization ratio well below the recommended thresholds to safeguard your CIBIL score.
3. Vigilant Credit Monitoring: Regularly monitor your credit report for inaccuracies or discrepancies that could potentially dent your CIBIL score, taking proactive steps to rectify any anomalies.
4. Temperate Credit Applications: Exercise caution when applying for new credit lines, as frequent applications within a short timeframe can signal financial distress and adversely impact your CIBIL score.
5. Diversification of Credit Portfolio: Foster a balanced credit portfolio encompassing diverse credit types, such as loans and credit cards, to demonstrate responsible financial management and enhance your CIBIL score trajectory.