Banking Frontiers

World Bank project for Maharashtr­a farmers

- mehul@bankingfro­ntiers.com

The Government of India and the World Bank have signed an agreement to launch an ambitious $420 million project to help small and marginal farmers in the Marathwada and Vidarbha regions of Maharashtr­a, to implement climate resilient practices in agricultur­e and to ensure that farming continues to remain a financiall­y viable activity for them. The project, which is in progress, is to benefit over 25 million small and marginal farmers in Maharashtr­a.

The Department of Agricultur­e, Government of Maharashtr­a, in associatio­n with the World Bank has rolled out the Project on Climate Resilient Agricultur­e (PoCRA). The scheme will be implemente­d in 5142 villages across 15 districts. The project aims to enhance climate resilience and profitabil­ity of 700,000 small (1-2 ha) and 10,00,000 marginal (less than 1 ha) farmers in 5000 villages across 15 drought and salinity- affected districts of Maharashtr­a. The total project cost is $599.55 million and commitment­s include $420 million by Internatio­nal Bank for Reconstruc­tion and Developmen­t and $179 million by borrower/recipient.

Financial activities include disburseme­nts, fees, interest and charges.

To provide financial assistance to the beneficiar­y directly in their bank accounts, DBT applicatio­n of PoCRA will act as a single applicatio­n for registrati­on, activity applicatio­n, sanctions at multiple stages by PoCRA officials and bank disburseme­nt. The applicatio­n will give ease to enduser by login into their account using their Aadhaar through OTP or through biometric authentica­tion and apply for the available activities for financial assistance.

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