Allahabad Bank Ties-up with Small Farmers' Agri-Business
Consortium for promotion of Agri-Business sector.

Allahabad Bank has executed a Memorandum of Understanding (MOU) with Small Farmers' Agri-Business Consortium (SFAC), Ministry of Agriculture, GOI at Kolkata on this 9th day of August 2005 to promote Agri-Business Projects jointly with SFAC through implementation of Venture Capital Assistance scheme. Under the scheme, Venture Capital Assistance (VCA) & Project Development Facility (PDF) will be provided to Producer Groups/ Entrepreneurs/Trained Agriculture Graduates/Units in Agri-Export Zone through Allahabad Bank for setting up of economically viable Agri-Business units which facilitate linkage of farmers/ Producer Groups to markets.

The projects of above Rs. 50 lacs (Rs. 25 lacs and above for NE States & Hilly areas) for setting up Agri-Business units will be sanctioned by the Bank under the scheme and venture capital assistance will be released by SFAC.

On the occasion of execution of MOU with SFAC, Shri S. K. Goel, Executive Director of the Bank said this tie-up arrangement will be helpful in boosting up the credit flow to Agri-Business sector and it will generate more income & employment in rural areas.
Ms. Suranjana Ray, Managing Director of SFAC expressed that the tie-up with Allahabad Bank will synergize their functions, competencies and projected sector development plans to promote Agri-Business activities in the country.

Shri S.K. Katiyar, General Manager, Priority Sector Credit added that our Bank has always been taking initiatives to extend credit to the farmers/ Agri-entrepreneurs in a hassle free manner to augment credit flow to agriculture sector.

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