SBI join hands with Adani Capital

SBI has partnered with Adani Capital as a co-lending partner to provide loans to farmers in the nation. SBI has signed a master agreement with Adani Capital Pvt Ltd., the NBFC arm of Adani Group, for co-lending of farmers for purchase of farming tools, to increase efficiency in farm operations and productivity of crops, SBI said in a release.

SBI said, this partnership will enable it to target farmer clients in the interior hinterland of the nation looking for adoption of farm mechanization to enhance productivity of crops.

SBI is actively looking at co-lending opportunities with multiple NBFCs for financing farm mechanization, warehouse receipt finance, farmer producer organizations etc, for enhancing credit flow to double the farmers income, it stated.

Dinesh Khara, Chairman, SBI said this collaboration shall help SBI to expand customer base as well as connect with the underserved farming segment of the nation and further contribute towards the nation’s farm economy.

Khara said, “We will continue to work with more NBFCs in order to reach out to large number of customers in far-flung areas and provide last mile banking services”.

Gaurav Gupta, MD & CEO, Adani Capital said, “The aim of organization is to contribute to farm mechanization and play a role in improving productivity and income of the farm segment”.