RBI constitutes working group to aid distressed farmers

Mumbai, May 18 (UNI) The Reserve Bank of India (RBI) today constituted a working group to suggest measures to assist distressed farmers including provision of financial counselling services and introduction of a specific credit guarantee scheme under the Deposit Insurance and Credit Guarantee Corporation of India (DICGC) Act for such farmers, a release issued here today stated.

The nine-member working group comprises of Prof S S Johl, Dr Y S P Thorat, Mr H N Sinor, Mr B D Narang, Mr M S Sriram, Mr A Bandopadhyaya, Mr Suresh Kisanveer, Dr S Mishra and Mr C S Murthy.

The group will delineate the circumstances under which a farmer can be treated as a distressed farmer, keeping in view the findings of recent studies on such farmers as well as review the international experience in assisting distressed farmers including provision of financial counselling and planning services.

The working group will further evolve a credit guarantee scheme under the DICGC Act for distressed farmers, keeping in view the earlier experience of credit guarantee scheme besides suggesting measures for providing financial counselling and risk mitigants for disressed farmers. The group will also take up any other relevant matter.

The working group is expected to submit its report by September-end this year, stated the release.

UNI JJ KU SKB1953