Madhya Pradesh has extended the due date for repayment of short-term loans taken by primary agri branch cooperative societies in 2020-21 (Jul-Jun) kharif season to Apr 30 from Mar 28, a source said. The extension of the due date came as a relief for farmers during the ongoing coronavirus pandemic.
The state has nearly 4,500 such societies, the source close to the development said. The societies provide loans to farmers at a cheaper interest rate. Short-term farm loans aim to provide convenient credit options to the farmers to meet their farm requirements such as sowing, cultivation, post-harvest activities and maintenance of farm equipment.
Madhya Pradesh is the leading grower of soybean and among the largest producers of paddy and pulses. Farmers in the state have sown paddy across 2.87 mln ha in 2020-21 (Jul-Jun) kharif season, 16% higher from a year ago, while they brought 5.85 mln ha under soybean, up 6% from last year level, according to the farm ministry data.