LAHORE (Kashmir English): The federal government announced a new loan scheme targeting small farmers, who have all along operated beyond the conventional banking system. This new package is set to ensure that farmers have access to agricultural loans.
Under the new project, the loans are going to be offered without the need for collateral, which means that it becomes easy for the farmer to access loans based on productivity, as opposed to the amount of land that he owns. This project is technology-driven, relying on tools like digital identity verification.
The government believes the project will help bring hundreds of thousands of unbanked farmers into the formal banking system and infuse much-needed money into the rural economy.
The project has been designed in such a manner that farmers from all areas get an equal opportunity to access the facility.
