Finance
SAFAL, a Simplified Application for Agricultural Loans, was launched today by Chief Minister Naveen Patnaik.
The Chief Minister stated during the portal’s launch that the application has the potential to revolutionize credit provisions for farmers and agri-entrepreneurs.
The CM participated in a virtual platform at the Convention Centre in Lok Seva Bhawan.
The CM expressed his delight at the portal’s launch, saying that it is a one-stop solution for farmers and agri-entrepreneurs to obtain formal sector credit from public and private sector banks, regional rural banks, state cooperative banks, and small finance banks.
Farmers and agri-entrepreneurs will have access to more than 300 term loan products offered by 40+ partner banks, according to the CM.
He also mentioned that it has been integrated with Krushak Odisha and that it has access to more than 70 model project reports. It will significantly simplify the loan application process, benefiting both farmers and banks. He also promised that the portal would reduce information asymmetry by sending farmers real-time notifications at every stage of their loan application.
He also stated that SAFAL will provide the government with complete visibility of demand and disbursement of formal credit across states, as well as ensure that schemes are designed using data.
He hoped that SAFAL would be a credit facilitator in our state, boosting agriculture and allied sectors and, in the long run, increasing the economic prowess of our farmers.
Earlier, he stated that farmers are the backbone of our economy, and agriculture is the largest employer in the state, as well as the key to our people’s socioeconomic development.
He went on to say that his government places a special emphasis on the development of the farming sector through various interventions backed up by a comprehensive and inclusive state agricultural policy, with the government making strides to increase farmer income.
Finance Minister Niranjan Pujari praised the Chief Minister’s vision for farmer empowerment and inclusion in the economic process.
Agriculture and Farmers’ Empowerment Minister Ranendra Pratap Swain spoke on the occasion, outlining the steps his department has taken to promote economic development and farmer welfare.
Sanjeev Chopra, Agriculture Production Commissioner-cum-ACS, emphasized Odisha’s achievements in agriculture.
The CEO of the RBI Innovation Hub and the CMD of UCO Bank also spoke at the event. They stated that banks value the CM’s efforts to help farmers and agri-entrepreneurs integrate into the economy. They assured farmers of full bank support for all state government initiatives.
Arabinda Padhi, Principal Secretary Agriculture, gave the welcome address, and FARD Commissioner-cum-secretary offered the vote of thanks.
Source:OCN
