Mumbai, April 3 || State Bank of India (SBI) and Citi on Thursday announced a social loan facility of $295 million to support smallholder farmers in India.
The financing is specifically directed towards smallholder farmers in India, to support them to improve their agricultural productivity, enhancing their financial well-being, the banks said in a statement.
The SBI will utilise the facility to finance its Kisan Credit Card loan portfolio, to help meet the credit requirements of the agricultural sector, and within this, smallholder farmers.
Jayati Bansal, Dy Managing Director (International Banking Group), SBI, said that leveraging our extensive network, “we aim to reach small and marginal farmers who are at the core of India’s agriculture sector but often lack access to essential credit resources”.
“This initiative will empower these farmers by enhancing their access to financing, helping them improve productivity and create sustainable livelihoods. At SBI, we believe that supporting the underserved farming community is key to strengthening rural economies and fostering long-term economic inclusion,” said Bansal.
Smallholder farmers contribute a significant segment of India's agricultural sector, yet face pronounced social and economic difficulties.