Maharashtra State Cooperative Bank (MSCB), the apex bank has sanctioned Rs 7,365 crore to 25 district cooperative banks for crop loans in 2015-16, reports Indian Express.
It was done following policy reforms carried out in restructuring of crop loans, coupled with directives to the financial institutions to extend loans to larger number of farmers.
Sources say the MSCB has registered a 20 per cent and 30 per cent growth in loan advances and deposits respectively as compared to the last year.
Sources, however, have indicated that 32 lakh farmers across Maharashtra need to pay their dues worth Rs 1200 crore to various districts cooperative banks before they qualify for fresh loans.