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Bank Financing of Agriculture Sector in Punjab

CHAPTER -1
INTRODUCTION
1.1. Introduction :

The capital formulation plays a crucial role in most the models of growth and

development as a result of it raises the productive capacity of the world

wherever it takes place. The capital accumulation depends on the speed of

investment, that successively depends on the speed of savings. The money

establishments play a dominant role in mobilizing savings and so generated

those savings into productive economic growth activities. Therefore, the role

of economic establishments is crucial within the development of any sector and

agriculture isn't any exception thereto. Rather, the event of agriculture the

sector is additionally addicted to the banking sector as a result of eighty p.c of

farmers square measure tiny and marginal, WHO square measure unable to

avoid wasting and invest because of their low levels of financial gain.

Further, concerning approximately 70 of the population of the Indian economy

lives in rural areas causative about 25% to gross domestic product (GDP) and

forms the biggest overwhelming

market resulting in financial gain and employment generation through

multiplier factor effects.

Banking sector helps within the proof of the economy. Agriculture is the most

crucial sector of the Indian economy as a result of the most policies of output
growth, poverty alleviation, social justice and equity square measure best

served during this sector. so there's a necessity to increase the credit flow to

agriculture, raise the productive capacity of land and enhance the potential of

water resources moreover as its use potency for agricultural production.

1.2 Sources of Agricultural Finance:

In India, there are a lot of sources available for Agricultural finance and these
sources mainly categorized into two categories :

Sources of
Agricultural Finance

Formal or
Inforaml Non
Organized
Agency Sources
Agency Sources

Fig. 1.1: Sources of Agricultural Finance


1.2.1 Informal Sources :

(i) Financers & Commission Agents

(ii) Money Lenders

(i) Landlords

(i) Financers & Commission Agents:

Financers and commission agents arrange to agriculturists for

productive functions against their crops while not finishing legal

formalities. It typically becomes obligatory for farmers to shop

for inputs like seeds and other needful for the production and sell

their products through them. They charge an awfully serious rate of

interest on the loan and their respective commission on all the sales

and purchases, creating it consumptive in nature. It a crucial supply

of finance just in cases of early money crops like cotton, groundnut,

and tobacco, etc. The small farmers who don’t want to get stuck in

heavy paperwork and other formalities they prefer to loan from this

unorganized or informal sector of the agricultural finance.

(ii) Money Lenders :

In contempt of fast development in rural branches of various

institutional credit agencies, village cash lenders still hold on the


lending transactions. The following are the reasons for which

money lenders hold the lending market in rural areas :

(a) They are always ready to meet the emergency requirements of the

villagers whether they are unproductive or productive.

(b) There is no issue of working hours, even in case of emergency one

can approach them in odd hours also.

(c) No much paperwork or formalities are required to get the loan from

these money lenders, they just arrange a loan on the basis of some

mortgage like property paper or gold or some other valuables.

(d) Because most of the money lenders belong to the same locations

where they have to lend the money so that they are personally aware

of the client position.

1.2.2 Formal or Organized Agency Sources :

(i) Governmental Schemes

(ii) Co-operative Societies

(iii) Commercial Banks

(iv) Regional Rural Banks


(i) Government Schemes :

Govt. has launched a few schemes for financing the farmers, these loan

schemes are known as ‘Taccavi Loan Schemes’. In these schemes, no

doubt rate of Interest is much lower as compared to any other lending

rate of interest but these time of loans are provided in special

circumstances.

(ii) Co-operative Societies/ Co-operative Banks :

The Co-operative societies are running their operations since the year

1904 when it was regulated by the Government. After independence in

the year, 1951 AIRCSC Analysed that there is not any better alternative

than the Co-operative Societies to facilitate finance facilities in rural

India. These cooperative societies performed their banking and financial

activities with the collaborative support of RBI, Central Government,

and State Government. There are a lot of schemes which are organized

by these societies for the benefits of poor and weaker sections of the

rural and backward areas. There are various schemes running by the Co-

operative Banks for agriculture finance.

(iii) Commercial Banks :


State Bank of India
Leading Banks Commercial Banks Agricultural Finance
Which Provide Agricultural Loan HDFC Bank
Agricultural Finance

Bank of Baroda
Agricultural Finance

PNB Agricultural
Finance

ICICI Bank
Agricultural Finance

AXIS Bank
Agricultural Finance
Fig. 1.2.2: Commercial Banks which Provide Agriculture Finance to
Farmers.
No doubt the role of a commercial bank is to done banking activities for the

earning purpose but there are few banks which provide agriculture finance to

the farmer comparatively lesser rate as compare to the house loan or vehicle

loan. It is also clear that providing loan to agriculture purpose is rather risky as

compared to other loans because in India agriculture is merely depends upon

uncertain factors like the tendency of monsoon, weather conditions during the

cropping cycle, etc.

iv) Regional Rural Banks :

RRBs are playing a dominant and most important role in agriculture finance in

rural India. These Rural Banks are established at that rural places where it is

not possible to establish an organized or formal financing institution for

agriculture finance. Punjab Gramin Bank is an excellent example of Regional

Rural Bank in Punjab. On January 2019, two more Regional Rural Banks e.g.

Satluj Gramin Bank and Malwa Gramin bank have got merged into Punjab

Gramin Bank.
CHAPTER -2
REVIEW OF LITERATURE
Previously conducted work and researches are really helpful for the new

researchers. On the basis review of the literature available on the particular

topic a researcher can provide new dimensions to his or her research.

Kulkarni (1979) pointed in his research papers that no doubt the prime

motive of banking institute is to earning profit but on the other while obeying

their social responsibilities like agriculture finance to poor farmer etc. they

must reduce their profit margin for welfare of the farmers as well as of the

overall economy of the country.

Muhamad & Shah (1981) recommended after analytical study of

agriculture finance systems of Indian banks that loan should be provided only

to needed persons or for their actual requirements. But according to Muhamad

& Shah, it is found during the study that subsidized loan is not approaching to

the deserving farmers.

Khan (1986) Mentioned in his research papers ‘Strategy for farm

Planning and Agriculture Credit’ that bank should also arrange insurance

policies for livestock and agriculture so that the risk of farmers as well as the

bank may also be covered.


Singh & Vishwajit (1994) exposed in their research papers on pending

loan amount that the families which are well settled and handsome earning

sources are not repaying the amount of loan taken by them from the various

banks for the agriculture purpose. The study was conducted on Agra District

and it was found that approximately 37% of farmers were defaulters.

Viswanath (2001) conducted his research on the overdue problem in

India. The study was conducted on 16 different states of India, and it was

found in the research that regarding overdue clearance of PACs only 5 states

are showing their performance above the scale of Nationa wise average and

that states were :

i) Karnataka

ii) Tripura

iii) Orisa

iv) Maharastra

v) Gujrat

And other 11 states including the State of Punjab performance was found

below average. So the research indicates that the Performance of Agriculture

Credit is not healthy in India.


Singh & Singh (2006) conducted a study on Central Co-operative Banks

to analysis their financial margins. It is found in the study that it was negative

association towards the total loan and overdue. According to Singh & Singh, it

was found that there was a high amount was outstanding or pending as the

bank overdue.

Gupta and Kaur (1918) mentioned in their research on the performance

and working of the Regional & Rural Banks of Punjab that Punjab Gramin

Banks are performing efficiently with the adequate debt equity ration.

According to their research, it found that amongst the Malwa Garmin Bank and

Punjab Garmin Bank (prior to the amalgamation on 1.1.2019) the performance

of Punjab Garmin Bank is better than the Malwa Bank. The financial solvency

& liquidity position of PGB is also strong then the financial and liquidity

position of the MGB.


Chapter -3
Research Methodology
Chapter -4
Project Description
Bank Financing to Agriculture Sector in Punjab
3.1 Bank Financing to Agriculture Sector in Punjab
Agriculture Pattern of Punjab is split into 5 agricultural zones on the basis of

climate and these five zones are termed as agro-climatic zones :

Sub
Mountain
Zone

Undulating Western
Plain Zone Plain Zone
Agro
Climatic
Zones

Central Western
Plain Zone Zone

Fig. 3.1: Agro Climatic Zones of Punjab

Agriculture is the backbone of the Indian economy and especially the state of

Punjab is popular in all over the world for its efficient agricultural skills and

hardworking farmers. But it is the bitter truth that most of the farmers are

under heavy debt. So that is why the agriculture sector in Punjab always
required finance for its agriculture operations. Financial requirement for

agriculture sector can be catogrised in three parts :

Types of Agriculture
Finance

Short Term Middle Term Long Term


Requirement Requirement Requirement

Fig. 3.2 Types of Agriculture Finance Requirements

Short Term Requirements: In Punjab maximum agriculture depends upon

natural climate like the condition of monsoon, timely and adequate rain, etc.

Maximum time cycle from sowing the crop till harvesting is 6 months e.g. in

Punjab Kharif Crop of Paddy/ Rice is sowing in the month of May to July and

its harvesting time is September to October. So the main motive of short term

credit is that farmer can return their credit after the harvesting of their crops.
The following are some short term requirements to meet them farmers have to

arrange short term finance :

- Payment of wages to hired labor in the filed

- Purchase of Seeds and Fertilizers

- Purchase of Pesticides etc.

3.2 Role of Punjab State Co-operative Bank :

Punjab State Co-operative Bank is playing a dominant role in Agriculture

financing. PSCB was come into exit in 1949 to providing strength to Co-

operative banks. The following are the schemes which are operated by the

bank for the Agriculture credit :

1) Crop Loan: Crop Loan is also known as Short Term Agricultural Loan.

In this type of scheme loan is provided for the short term on the basis of

the following terms :

The motive of the loan Production of different crops

Beneficiary Farmers

Limit of the loan As per the holding of land by the farmer

Interest Rate Approx 4%


Loan Repayment System On the basis of Harvesting, half yearly
installments

Table: 3.1 Terms of Crop Loan


Source: Official Web Site of Punjab State Cooperative Bank
2) Loan for MediumTerm: Medium-term loans are provided to the

farmers for reclamation of land, Installation of Motor, Piggery, Poultry

Farm, Gobar Gas Plant, etc.

The motive of the loan Providing loan for installation or implementation


of technical know-how or some kind of farming
enhancement projects
Beneficiary Farmers

Limit of the loan As per the holding of land by the farmer

Interest Rate 13.50%

Loan Repayment System 5 years from the date of the loan

Table: 3.2 Terms for Medium Term Loan to The Farmers


Source: Official Web Site of Punjab State Cooperative Bank

3) RCC: This is a special scheme for the individual farmers who are the

holders of the land. Under RCC scheme loan is provided to the farmer to
meet his social or economic requirements on the basis of following

terms and conditions :

The motive of the loan To meet the credit requirements of the farmer
regarding his social or economical needs.
Beneficiary Farmers

Limit of the loan 15 Lakhs

Interest Rate 11%

Loan Repayment System 5 years from the date of the loan

Table: 3.3 Terms for Resolving Cash Credit Schemes For The Farmers.
Source: Official Web Site of Punjab State Cooperative Bank

4) Loans To MPCS: This is a special kind of loan granted for Diary

business only to the farmers who are the members of Milk Producers

Societies:

The motive of the loan To meet the credit requirements of the member
farmers who are dealing the dairy farming
activities.
Beneficiary Members Farmers of MPCS

Limit of the loan As per the holding of land by the farmer

Interest Rate 10.25%

Loan Repayment System Maximum 5 years from the date of the loan

Security No, any guarantee or assurance is required for


loan <50,000 or purchase of one dairy animal. If
the loan is required for more than one animal or
>50,000 than a guarantee of a nominal meber of
the bank is required

Table: 3.4 Loan to Members of MPCS.


Source: Official Web Site of Punjab State Cooperative Bank
5) Education Loan for Children of Poor Farmers: Under this scheme,

the loan is provided to the poor farmer at a lesser rate for the education

of their children on the basis of the following terms :

The motive of the loan As per the norms of RTE, the main purpose of

this scheme is to provide the loan to the poor

farmers so that they can arrange education for

their children.

Beneficiary Poor farmers, SC, ST, and other poor sections


Limit of the loan Upto 10 lakhs

Interest Rate 7.25%

Loan Repayment System Maximum 5 years after the completion of the


study course
Security Mortgage of Land or Property to the amount of
loan.

Table: 3.5 Terms for Resolving Cash Credit Schemes For The Farmers.
Source: Official Web Site of Punjab State Cooperative Bank

3.3 Role of Punjab Garmin Bank

As it is clear from the name Punjab Gramin Bank means a Bank for the

villages of Punjab State. The Punjab Garmin Bank is now the

amalgamation of 3 RRBs from 1 January 2019:


PUNJAB GRAMIN BANK
Punjab Gramin
Bank
Malwa Garmin
Bank
Satluj Garmin
Bank

Fig. 3.3.1 Amalgamation of Gramin Bank

There is various kind of schemes which are operated by the Punjab Garmin

Bank, but the following are the schemes which have to be reserved only for

the agriculture finance to the farmers :

- ‘Punjab Kisan Card Scheme’

- ‘PGB Farm Mechanisation Scheme’

- ‘PGB Scheme of the Dairy Farming’


i) Punjab Kisan Card Scheme :

This scheme has been started for the farmers of Punjab to meet their

short term working capital requirements mainly for agriculture,

education of children or some other social requirements on the basis

of the following terms :

The motive of the loan This scheme has been started for the farmers of

Punjab to meet their short term working capital

requirements mainly for agriculture, education of

children or some other social requirements

Beneficiary Farmers

Limit of the loan Up to 10 lakhs

Loan Repayment System 5 years

Security Mortgage of Land or Property to the amount of


loan.

Table: 3.3.1 Terms for Resolving Cash Credit Schemes For The Farmers.
Source: www.bankbazar.com
ii) PGB Farm Mechanisation Scheme:

Farm Mechanisation Scheme of Punjab Gramin Bank is basically launched for

the completion of some kind of construction work or mechanization work. Under


this scheme the loan is provided to the farmer on the basis of following terms

and conditions :

The motive of the loan Farm Mechanisation Scheme of Punjab Gramin Bank is

basically launched for the completion of some kind of

construction work or mechanization work like Purchase

of Tractor, installation of pump set, etc. on land which

will be used for farming purpose.

Beneficiary Farmers

Limit of the loan On the basis of the value of equipment usage

Loan Repayment System Depends upon the equipment usage

Security Mortgage of Land or Property to the amount of


loan.

Table: 3.3.2 Terms for FMS For The Farmers.


Source: www.bankbazar.com
iii) PGB Scheme of Dairy Farming :

As it is clear from the name of the scheme that it is launched by the Punjab

Gramin Bank for the benefits of Dairy Farmers. Dairy Farming business is an

expensive business so that funds are required for land, labor purchase of

livestock and technical know-how. The loan is provided by the PGB on the basis

of the following terms :


The motive of the loan To provide loan and subsidiaries to the farmer for the

dairy farming business. Finance is arranged by the PGB

for purchase of land or building, labor, purchase of

livestock and technical know-how.

Beneficiary Farmers

Limit of the loan Depends upon the size of the business maximum up to 5
Lakhs.
Loan Repayment System Depends upon the equipment usage

Security Rs. 50000 or one animal like buffalo or cow without any

security and after that on the guaranty of a permanent

member of the bank

Table: 3.3.3 Terms for FMS Schemes For The Farmers.


Source: www.bankbazar.com

3.4 Punjab & Sind Bank’s KSS :

Kisan Suvidha Scheme is operated by Punjab & Sind Bank for the benefits of the farmers

of Punjab mainly for the agriculture purpose. This facility is provided only to those farmers

who are the holder of Kisan Credit Card Scheme and the conditions are that the holder of

the KCC must have the satisfactory record for at least previous last year. A farmer can avail

this scheme on the basis of the following conditions :


The motive of the loan For the benefits of the farmers of Punjab mainly for

the funds required for the agriculture purpose.

Beneficiary Farmers of Punjab

Limit of the loan Maximum Rs. 5 Lakhs or Rs. 50,000 per acre of

land

Loan Repayment System Three Years to 5 Years from the day of loan

granted

Rate of Interest Small Laon Tractor Other Directly


Agricultural
Activites
Upto Rs. 50,000 11.75% 12.50% 12.50%

Rs. 50,000 – Rs. 3,00,000 12.75% 13.25% 12.50%

Rs. 3,00,000 – Rs. 5,00,000 13.25% 13.25% 13.25%

Security Assets equal to the bank loan and as the additional

security mortgaged property under Kisan Credit

Card Scheme.

Table: 3.3.3 Terms for FMS Schemes For The Farmers.


Source : https://www.psbindia.com/content/pp-kss
Chapter –4
Interpretation & Data Analysis
On the basis of a report published by the Ministry of Agriculture Share of

Different Institutional Agencies are as follows :

Type of Institute Contribution Percentage

In Crores

Co-operatvie Banks 24,471 28%

Regional Rural Banks 9,176 11%

Commercial Banks 52,038 61%

Table 4.1: Institute Type wise contribution to agriculture Finance


Source: Ministry of Agriculture Directorate Economics & Statistics

It is clear from Table 4.1 and the fig. 4.1 that Commercial Banks are playing a

vital role towards the contribution in agriculture finance e.g. among the total

contribution towards agriculture finance 61% is contributed only by the

Commercial Banks and after the Commercial Banks Co-operative Banks are

contributing their share towards agriculture credit. It is clear from the above

table that Co-operative banks are contributing approximately 28% towards this

sector. Amongst the institutional or organized sector of financial institute,

Regional Rural Banks are also providing their services to agriculture sectors

via offering special subsidies to the farmers and their contribution is 11% of

the total institutional contribution towards agriculture finance. It is clear from


the pie chart as fig 4.1 that commercial banks have been occupied the largest

area.

Institutional Type Wise Share in Agriculture


Finance

Co-operatvie Banks
28%

Commercial Banks
61%
Regional Rural
Banks
11%

Fig. 4.1 Institute Type wise contribution to agriculture Finance


Performance of Kisan Card Scheme :

It is already discussed in above that the Kisan Credit Card Scheme is an

important scheme for the benefits of the farmers of the State of Punjab to meet

their short term requirements. Performance of Kisan Card Scheme issued by

the Punjab Gramin Banks before the amalgamations of Satluj Gramin Bank of

Punjab and Malwa Gramin Bank in the Punjab Gramin Bank as on 1 st January

2019 is as under :

Regional Number of Cards Amount

Rural Bank Issued In Lakhs

Satluj Gramin 15734 39650

Bank

Punjab 168709 420208.27

Gramin Bank

Malwa 80727 102491.62

Gramin Bank

Table 4.2: Performance of Three Garmin Banks before their


amalgamation in Punjab Gramin Bank.
Source: Journal of Business Thought -2018
Regional Average Number Average Amount

Rural Bank of Cards Issued In Lakhs

Satluj Gramin 1430.33 3604.92

Bank

Punjab 15337.17 38200.75

Gramin Bank

Malwa 7338.83 9317.42

Gramin Bank

Table 4.3: Average Performance of Three Garmin Banks before their


amalgamation in Punjab Gramin Bank.
Source: Journal of Business Thought -2018

It is clear from table 4.2 and table 4.3 that performance of the Kisan Credit

Card scheme is at its best by the Punjab Gramin Bank. It is clear from the

Table 4.3 that the average or mean number of cards alone issued by the Punjab

Gramin Bank is more the colletive average number of cards issued by Satluj

Gramin Bank and Malwa Garmin Bank. Average Number of Cards issued by

Punjab Gramin Bans was 15,337. 17 and the collective performance of SGB

and MGB is 1430.33 + 7338.83 = 8769.16 which is only 57% of the card

issued by the PGB.


Mean Performence of Regional Rural Banks of
Punjab
Series1

15337.17

7338.87

1430.33

SATLUJ GRAMIN BANK PUNJAB GRAMIN BANK MALWA GRAMIN BANK

Fig. 4.2 Representing the Average Performance of Regional Rural Banks

of Punjab.

Source: Journal of Business Thought

On the basis of table 4.3 it is clear that average amount lent on under the Kisan

Credit Card Scheme by Punjab Gramin Bank is more than double the

collective amount lent to the farmers by the Satluj Gramin Bank and the

Malwa Gramin Bank.


Average Amount Lent by Regional Rural Banks of
Punjab
38200.75

9317.42

3604.92

SATLUJ GRAMIN BANK PUNJAB GRAMIN BANK MALWA GRAMIN BANK

Fig. 4.3 Average amount lent by RRBs

It is clear from the fig. 4.3 that Punjab Gramin Bank is operating more

efficiently as compare to SGB and MGB. But is also clear from the above

tables and figures that Regional Rural Banks are performing best for Rural

Punjab and Kisan Credit Card Scheme is serving with its potential to rural

Punjab.
CHAPTER-5
FINDINGS, LIMITATIONS &
SUGGESTIONS
Findings
SUGGESTIONS :
CONCLUSION
Conclusion :

It is clear from the above discussion that agriculture credit plays an unbeatable
role in economic development by financing to such sector which produces food
for the entire nation. In the case of employement, the agriculture sector still has
to contribute approximately 1/3rd of the total gross domestic product directly or
indirectly. There are various formal or informal sources of agriculture credit in
India, which provide finance for agriculture and associated activities for the
development of the rural sector. Indian agriculture is considered as the most
important and oldest Industry and even then it is in its developing stage due to
its highest dependency on unpredictable natural climate and due to uncertain
weather conditions various times farmers have to face the loss of crops an even
some just few days before the harvesting and that is why most of the Indian
farmerms are still living under the poverty line.
Abbreviations :

AIRCSC All India Rural Credit Survey Committee

FMS Farm Mechanisation Scheme

KSS Kisan Suvidha Scheme

MGB Malwa Gramin Bank

MPCS Members of Coop. Milk Producers Societies

CB Commercial Banks

PAC Performance of Agriculture Credit

PGB Punjab Garmin Bank


PKC Punjab Kisan Card

PSCB Punjab State Cooperative Bank

RCC Revolving Cash Credit to Farmers

RBI Reserve Bank of India

RRB Regional Rural Bank

RTE Right To Education

SGB Satluj Gramin Bank

REFRENCES
&
ANNEXURES
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Web Pages

https://nfsm.gov.in/nfmis/rpt/calenderreport.aspx

https://icrier.org/pdf/Punjab%20Agriculture%20Report.pdf

https://blog.bankbazaar.com/punjab-gramin-bank-scheme-for-financing-under-pgb-krishi-
card-kisan-credit-card/
ANNEXURE -1