AXIS BANK promotes Farmers’ Clubs in association with NABARD

Ludhiana, February 15, 2013:India’s one of the leading bank Axis Bank today become the first private sector bank to form Farmers’ Club in association with NABARD. The bank has promoted 106 Farmers’ Club through 16 Agri Business Centers(ABC’s) of Axis Bank spread across 12 states over the period of last one year.

Farmers’ Club is a grass-root level informal association comprising 10-15 farmers of the same or nearby villages promoted by rural/semi-urban branches. Axis Bank, in association with NABARD, has undertaken various efforts to educate farmers about their banking need and help them use bank credit efficiently.

Speaking on the initiative,M.V. Subramanian, President- Rural and Inclusive banking, Axis Bank said, “We are gratified by the response the Farmers’ Club has received. One major benefit has been quality agri business generation through these clubs and we are confident of timely repayment of these loans, owing to the increase in farm productivity to be achieved through concerted efforts with scientific cultivation practices.”

Farmers’ Club program was introduced by NABARD in order to bridge the gap between the rural customers and the banks. The basic objective of Farmers Clubs is development in rural areas through credit, technology transfer, awareness and capacity building. In this regard, the Farmers’ Club has undertaken various activities ranging from Base Level Orientation Training programme, Capacity building exercise and Meet the Expert program. This has encouraged the culture of better usage of credit, in the recent past.

NABARD and Axis bank have formed the Farmers Clubs in 12 states of Tamil Nadu, Chhattisgarh, Karnataka, Andhra Pradesh, West Bengal, Madhya Pradesh, Maharashtra, Rajasthan, Utharakand, Kerala, Punjab and Gujarat.