The Karimnagar District Cooperative Central Bank (KDCCB) has endorsed the state government’s proposed plans to encourage farmers to diversify their crops, with an emphasis on oil palm cultivation.
As a result, the Karimnagar DCCB and its Primary Agricultural Cooperative Societies (PACS) have decided to provide generous financial assistance to farmers interested in engaging in oil palm cultivation in the Karimnagar district’s integrated system (Telangana).
Delegates visited oil palm nursery
Similarly, Telangana State Cooperative Apex Bank (TSCAB) Chairman Konduru Ravinder Rao, vice chairman Pingili Ramesh, director S Swamy Reddy, MPP Vinitha Srinivas Reddy, PACS chairman Venkatramana Reddy, DCCB CEO N Satyanarayana, and branch manager G Anitha visited an oil palm nursery in Chigurumamdi mandal on July 25.
On this occasion, the DCCB chairman inspected the nursery and met with DD horticulture Srinivas, Horticulture Officer Manjuvani, Lohia company representative Padmanabham, and others. He inquired about nurseries, plantation time, growth and crop yield, and the oil extraction process, among other things.
Encourage farmers to diversify their cropping patterns
Speaking at the event, Ravinder Rao stated that the state government had decided to encourage farmers to diversify their cropping patterns in order to ensure a consistent source of income. “We at the DCCB and PACS are ready to provide financial assistance to farmers to begin oil palm cultivation at a low-interest rate, which they must repay only after the crop begins to be harvested after four years,” he said.
He stated that the cultivation of oil palm crop would provide a consistent source of income because the crop would be harvested every two weeks, and that the Lohia company was also arranging for buy-back policy arrangements for the collection of farm produce directly from the farmers and the start of oil extraction through a tripartite agreement with the bank and farmers.
Kaleshwaram project gave boost to agriculture
He stated that the Kaleshwaram project, which was initiated by Chief Minister K Chandrashekhar Rao, gave a boost to agriculture and other allied sectors, resulting in the rapid expansion of irrigation facilities and an increase in agricultural production.
According to DCCB CEO N Satyanarayana Rao, the bank has decided to lend Rs 55,000 per acre, with the farmer contributing Rs 10,000. ‘There is no interest on the loan for the first four years, and the farmer should repay the loan when the crop begins to harvest in the fifth year,’ he explained. He also stated that they had decided to launch awareness campaigns in order to educate farmers on the importance of investing in oil palm cultivation in order to reap higher profits with less investment.
