Dena Bank has offered total agricultural advances of Rs 7413 crore as of September 2013, which translates into YOY growth of 18.32%. The percentage of total agricultural advances to Adjusted Net Bank Credit stood at 10.59% as of June 2013 as against 10.21% as of June 2012. The bank has reduced the rate of interest to base rate i.e. @ 10.25% at present for tractor financing.
K.C. Chhipa, GM, Priority Sector & RRB/ Retail/SME, Dena Bank, says it will help branches to canvass more number of proposals during ensuing rabi and summer season. The bank has estimated an increase in 4000 new farmers who will avail the benefits of reduced rate of interest on tractor financing.
He also said the bank is having tractor tie up arrangements with International Tractors, HMT Tractors, Eicher Tractors, Mahindra & Mahindra and Indo Farm Tractors. Tractor financing formed 0.38% of total agri credit as on September 2013.