In a strategic move towards supporting farmers, the Agriculture and Rural Development Bank (ARDB) is set to open its branch in Patna, Bihar. The bank, operated by the Cooperative Department, aims to provide medium and long-term loans to farmers. Currently, cooperative banks are facilitating farmers with short-term loans. The establishment of ARDB’s branch in Patna will extend access to medium and long-term financial assistance for agricultural development.
With 1851 branches nationwide, ARDB has already established itself in 13 states and centrally administered territories, connecting over 1.2 million farmers. Officials from the Central Cooperative Department stated that the proposal for opening the bank in Bihar has been sent to the state. The district’s name and resources required for opening the bank will be sent to the Central Cooperative Department for approval. Once approved, the bank will be inaugurated.
The bank’s primary focus will be on promoting modern farming practices. Currently, farmers are constrained to traditional farming due to the availability of short-term loans through cooperative banks. The impacts of climate change have affected productivity, making it imperative to shift towards modernized farming. The ARDB will facilitate farmers with capital to transition to modern agricultural practices, enhancing crop yields and productivity.
Additionally, the ARDB and State Cooperative Rural Development Banks will be integrated with the National Agriculture Board’s (NABARD) national software. This integration will streamline information on all types of agricultural loans, providing farmers with comprehensive details. This initiative aims to address the difficulties faced by small and medium farmers in Bihar, ensuring cooperative banks offer substantial financial resources to those at the grassroots level.