Wednesday, April 17, 2024

SBP enhances per acre limits for crops financing

SBP enhances per acre limits for crops financingState Bank of Pakistan has enhanced per acre limits for major and minor crops, orchards and forestry. According to revised report on Indicative Credit Limits & List of Eligible Items for Agri Financing, under major corps, financing limits per acre for rice, wheat, cotton and sugarcane have been increased to Rs 34,000, Rs 29,000, Rs 39,000 and Rs 53,000, respectively from existing limits of Rs 19,000, Rs 16,000, Rs 21,000 and Rs 30,000 fixed in 2008.

The revised report provides a yardstick for banks to assess the credit needs of different groups of farmers’ vis-à-vis their activities. Banks extensively use the report for reporting financing statistics to the SBP as per the list of eligible items. The report has been revised in consultation with Pakistan Agriculture Research Council, provincial government including AJK, agricultural universities, agri. lending banks and farmers’ representatives.

Source: Business Recorder

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