State Bank of India (SBI) has signed a master agreement with Adani Capital, the NBFC arm of Adani Group, for co-lending to farmers for purchase of tractor and farm implements, to increase efficiency in farm operations and productivity of crops. This partnership will enable it to target farmer customers in the interior hinterland of the country looking for the adoption of farm mechanization to enhance the productivity of crops.
The bank is actively looking at co-lending opportunities with multiple NBFCs for financing farm mechanization, warehouse receipt finance, Farmer Producer Organizations (FPOs), etc, for enhancing credit flow to double the farmers' income. The aim of the company is to contribute to farm mechanization and play a role in improving productivity and income of the farm segment.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
