Allahabad Bank gets excellence award for Performance in Farm Credit

Kolkata based Allahabad Bank was felicitated by the Hon'ble Union Finance Minister for excellence in lending to agricultural sector for the year 2003 -04.

During a meeting with Chiefs of public sector banks in New Delhi on Thursday, 9th September 2004, the Union Finance Minister Shri P. Chidambaram awarded a Trophy to Shri O. N. Singh, the Chairman & Managing Director of Allahabad Bank for performance in farm credit.

It may be recalled that Allahabad Bank had designed and launched on 24th April 2004 on its 140th foundation day a farmer friendly loan product named Kisan Shakti Yojana to provide easy credit to the farmers. The scheme provides for a line of credit to the farmers to look after their production, investment and consumer needs.

The Bank expects to achieve its current year's disbursement of agricultural credit target of Rs. 3000 Crores. Allahabad Bank is committed for development of agrarian economy of the country and has been laying great emphasis on priority sector credit with a special thrust on agricultural credit. The Bank has lately been very aggressive in rural credit and has chalked out a special scheme for farm credit which is receiving an overwhelming response from the farmers throughout the length and breadth of the country. The Bank is in the midst of starting "Gramin Vikas Kendras" (a single window concept) to facilitate credit cum consultancy for agriculture, small and middle enterprises sector. The Bank is all set to leverage its good penetration in the rural areas where it has more than 67% of its branches.