The Kalaburagi and Yadgir District Central Cooperative Bank (KYDCCB) is set to introduce a new loan scheme for installing solar irrigation pump sets on experimental basis in both the districts, says a report from Hindu.
KYDCCB chairman Siddaram Reddy told The Hindu that this year around 100 farmers will be given loans of Rs.5 lakh to Rs. 6 lakh each and based on the response and success of the project, the bank would extend loans to more farmers.
According to him, those availing themselves of the loan were eligible to get 40 per cent of the loan amount as subsidy from the National Agriculture Bank and Rural Development (NABARD).
The farmer would be given loan to purchase 5-HP solar pumpsets, which would be sufficient to meet the irrigation requirement along with a solar kit.
Both Kalaburagi and Yadgir districts had potential for the success of the scheme since solar power was available throughout the year.