Maharashtra Government has directed banking and financial institutions to strictly do away with CIBIL score while granting crop loans to farmers. Addressing the 163rd meeting of the State Level Bankers Committee in Mumbai today, Maharashtra Chief Minister Eknath Shinde said banks must support small and marginal farmers. While approving a credit plan of 41 lakh and 286 crore rupees for 2024-25, Mr. Shinde said banks and financial regulators must also focus on strengthening district cooperative banks and primary agricultural credit institutions in the state.

Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar, Revenue Minister Radhakrishna Vikhe-Patil, Agriculture Minister Dhanjay Munde, Chairman of State Level Bankers Committee and Executive Director of Bank of Maharashtra Asheesh Pandey along with senior RBI and NABARD representatives were present for the meeting. Speaking to reporters after the meeting, Mr. Fadnavis said RBI representatives attending the meeting have been told to inform all the credit institutions that the provision of CIBIL score is not applicable to farmers. He added that if any institute is found to be rejecting farm loans on the basis of CIBIL, the state government will file a FIR and initiate legal action.

Meanwhile, an official press release has informed that the annual credit plan for 2024-25 has been increased by almost 21 percent to stand 41 lakh and 286 crore rupees. Out of this, the priority lending is proposed to go upto 6.78 lakh crore rupees.

In the last fiscal, the state had approved an annual credit plan of 33 lakh, 90 thousand and 601 crore rupees. With their active participation, the banking sector exceeded the target and allocated 38 lakh 70 thousand and 382 crore rupees. Out of the 1.68 lakh crore earmarked for agriculture sector, the banks disbursed 91 percent of the amount. They, however, exceeded the provision for the MSME sector by disbursing 117 percent of the 3.61 lakh crore rupee target.