Summer Project

Identifying The Scope For Project And Corporate Lending In Ajmer,

Alwar And Tonk Districts Of Rajastan

FOR

KOTAK MAHINDRA BANK

By

Samartha J R

Post Graduate Programme in Agri-Business Management

National Institute of Agricultural Extension Management, Hyderabad

id8542296 pdfMachine by Broadgun Software - a great PDF writer! - a great PDF creator! - http://www.pdfmachine.com http://www.broadgun.com

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CERTIFICATE

This is to certify that Mr.Samartha J R, a bona-fide student of Post Graduate Programme

in Agri-Business Management (2005-2007 batch), MANAGE, Hyderabad worked as a

summer trainee in your organization from the period (April 17-June 17, 2006). He has

successfully completed his summer project titled �Identifying the scope for Project and

Corporate lending in Ajmer Alwar and Tonk Districts of Rajastan� towards the partial

fulfillment of his requirements for the course.

I wish him all success in future.

(Dr. B.D Tripathi)

Principal Coordinator

PGPABM

MANAGE, Hyderabad

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DECLARATION

This is to declare that, I Samartha J R, a student of Post Graduate Programme in Agri-

Business Management (2005-2007 batch), MANAGE, Hyderabad, have given original

and authentic data, information and maintained full confidentiality to the best of my

knowledge in the project report titled �Identifying the scope for Project and Corporate

lending in Ajmer, Alwar and Tonk Districts of Rajastan� and that, no part of this

information has been used for any other assignment but for the partial fulfillment of the

requirements towards the completion of the said course.

Samartha J R

PGPABM 2004-06

MANAGE, Hyderabad.

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Acknowledgement

I owe a great deal to MANAGE for laying the foundation to my study in the field of

business management.

I would like to express my earnest gratitude and thanks to Dr. B.D Tripathi, Principal

Coordinator, (PGPABM, MANAGE) for his support and kind blessings. I am also

thankful to Dr. K. H Vedini (Batch Coordinator) for her support.

I am grateful to KOTAK MAHINDRA BANK for providing me the opportunity to work on

this project. My experience from this project has certainly broadened my knowledge

arena by introducing me to the practical problems that one faces in the field as the

primary link between an organization and its clients. It has also helped me to learn how

to tackle problems and also how to deal with different people, from different walks of life.

I earnestly thank Ms. Jhuma Kundu for her support, guidance and suggestions made at

different stages of the project which have helped me in successfully completing this

project.

I am also thankful to Mr. Shambu Singh and Mr. Shivkumar for their guidelines and

suggestions for developing a framework for this project.

I would also like to thank the district agricultural departments, Bank officials, Kotak staff

in Rajastan and all the respondents, for the help they provided me.

Finally I would like to thank all my friends for their support in one way or the other and

good wishes for my project.

Regards,

Samartha J R

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TABLE OF CONTENTS

S.NO CONTENT PAGE.NO

1 Executive Summary 6

2 Introduction 7

3 Agriculture in Rajastan 7

4 Agro Industry in Rajastan 8

5 Agriculture Lending scenario in Rajastan 10

6 NABARD Schemes in Rajastan 12

7

Research Methodology and Objectives

14

8 Ajmer District

17

9 Alwar District 30

10 Tonk District 42

11 Strategies of other Banks 48

12 Limitations for Large Agricultural Lending in the

three selected Districts 49

13 Strategies for the three selected Districts 49

14 End Note 50

15 Annexure (questionnaires Used) 51

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EXECUTIVE SUMMARY

This report is about the project �Identifying the scope for Project and Corporate lending in Ajmer, Alwar and Tonk Districts of Rajastan� carried out in the three mentioned districts of Rajastan. The agriculture in Rajastan state is largely limited in its scope because of continuous drought in most of the districts. So the state government is constantly trying to improve the agricultural situation in the state by several Irrigation projects and schemes meeting the farmer�s credit requirement. The Agro industry sector is relatively a new sector and development of this sector is comparatively a recent phenomenon. It can be easily said that still efforts are needed from the government�s side. A plan for the food Parks in the State is a good effort in this direction. The government has a policy for doubling the agriculture credit in three years. With this policy of the government many NGOs and private institutions will come up in near future and Banks have an opportunity do more of the institutional lending in Rajastan. In Ajmer district because of drought Agricultural lending has been severely effected and only 62% of the targeted lending has been achieved. The government is trying hard to support agriculture by providing organizational support in the district and Banks have an opportunity here. Other Potential activities for large agricultural lending in the district are Poultry and Rose cultivation. Agriculture in Alwar is mainly based on dryland cropping. There are farmers who have large holdings but have no idea about what to do with the land. Recently some have planted Aonla, which has some promise for large agricultural lending along with the Mango cultivation in the district. 70% of the lending by Banks in the rural areas is only crop loans and Term loans. Tonk District is one of the most backward districts of Rajastan. There is no large Agricultural activity. Recently district got the facility of Irrigation and crops are grown in fragmented land. Most of the lending is through KCC and Kisan shakthi, other than this term loans have been sanctioned for tractors and minor irrigation projects. So the main strategies for the bank can be Targeting individuals rather than a particular activity expect for poultry in Ajmer. Institutional lending, expected to prosper in near future. Along with lending proposals, Project proposals for farmers who have large holding. Subsidies from NHB and NABARD, have significant impact as far as the acceptance of the loan is concerned in all the three districts. Food Parks, offer good scope for corporate and industrial lending in near future with food parks expected in Kota, Jodhpur and Sriganganagar.

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INTRODUCTION

Rajasthan has exhibited spectacular progress in several areas like harnessing of mineral resources, development of transport and communication, and the production of energy resources but the rate of progress and plans of economic development have been slowed to a large extent by a parallel growth of human population and livestock. Human resources are, therefore, to be geared into the channel of economic progress while taking care to arrest their future growth-rate. The agriculture in the state is largely limited in its scope because of continuous drought in most of the districts. So the state government is constantly trying to improve the agricultural situation in the district by several Irrigation projects and schemes meeting the farmer�s credit requirement. AGRICULTURE IN RAJASTAN Rajasthan agriculture is primarily dryland based and pastoral. Wheat and barley are cultivated in large areas, as are pulses, sugarcane and oilseeds, Cotton, and tobacco, are cash crops. Rajasthan is among the largest producers of edible oils, in India and the second largest producer of oilseeds. Rajasthan is also the biggest wool-producing state in India. There are mainly two crop seasons. The main source of irrigation is bore wells and tanks. The Indira Gandhi Canal irrigates northwestern Rajasthan. Graph showing the area Different Crops (ha) and Percentage of the total cropped area

Agriculture distribution pattern

51.60%

13.60%

0.08%

4.04%

0.75%

18.55%

2.89%

1.02%

0.27%cereals

pulses

sugar

C & S

F & V

oil seeds

floriculture

D & N

others

Total Cropped Area is 13217538 Ha

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IRRIGATION IN RAJASTAN The total area irrigated in Rajastan is 5272191 hectares out of the total cropped area of 13217538 hectares. This accounts to 39.89% as net irrigated area. Main Sources of irrigation in Rajastan: Canals, Tanks, Tube wells.

Sourcewise area in percentage under irrigation in Rajastan

canals, 25.57%

tanks, 0.15%

tube w ells, 73.73%

others, 0.55% canals

tanks

tube w ells

others

Main Canals in the State: Gandhi Canal, Chambal Canal, Gang Canal, Bhankara Canal Irrigation Projects in the State: Indira Gandhi Irrigation Project, Bisalpur Dam Recently an awareness programme called Jal Yathra for conveying the importance of judicious and proper use of Irrigation water by farmers has been launched by the Government of Rajastan. AGRO INDUSTRY IN RAJASTAN The Agro industry sector is relatively a new sector and development of this sector is comparatively a recent phenomenon. This sector form a substantial part of industries in state as about 10,000 unit are working in small scale and 74 have come up in medium and large scale sector. The agro and food processing sector offers scope for development of several industries such as solvent extraction, oleo- resins, kinnow/ orange juice, malt extracts, floriculture and a host of other items. Besides these items like mushrooms, tomato processing, other processing industries based on mango, ber, pomegranate and other vegetable like onion, potato, garlic. Industries based on herbal and medicinal plants, sheep, goat , buffalo meat processing, poultry and poultry products and non edible oil processing industries have

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bright export prospects. The state government on its parts, is alive to the needs of this sector with regard to training, technology upgradation, improvement in infrastructural facility and a progressing Government policy with these measures, along with support from central government and the coordinated efforts of various institutions working in the field of agro and food products. It is expected that this industries with come to occupy its due place in the agro industrial development of Rajasthan. At present food processing industry faces both external and internal constraints. External Constraints include the cost disadvantages in the international marketing framework, while internal constraints consist following:

Poor quality raw material Exclusive Production Lack of suitable processed technology Infrastructure for distribution Storage Marketing.

So it can be easily said that Agro-Industry in Rajastan is still in its nascent stage and requires large scale support from the government for its development as a major contributor to Rajastan economy. FUTURE POTENTIAL OF AGRO BASED INDUSTRIES The state Government is working towards the development of agricultural marketing and infrastructural facilities like construction of link roads, rural primary markets, rural godowns, krishi upaj mandi samities (KUMS), grower/producer/marketing cooperatives societies and post harvest management. But still a lot of work is needed to be done, if the state has to register a substantial growth in Agro-industry sector. Agro food parks in Rajastan Looking to the current need of the hour, Rajastan Industrial Corporation has undertaken development of Agro Food Park at Ranpur, Kota and Boranada, Jodhpur. Development of these Parks is in advance stage and entrepreneurs willing to set up their venture can apply for land in the specified zone (wet process, dry process & green house). The details of this Parks are as under:

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PARTICULAR Agro Food Park Ranpur, Kota

Agro Food Park Boranada, Jodhpur

Area(Acres) 136.74 192.47 No.of plots 100 183 No.of plots for Dry Process 73 146 No.of plots for Wet Process. 18 28 No.of plots for Green House.

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The Agro Food Park at Sri Ganganagar is in planning stage. These Parks have been approved by Ministry of Food Processing Industries. These Parks will have requisite infrastructure including Common Effluent Treatment Plant and Warehousing. CURRENT SITUATION OF AGRICULTURE LENDING IN RAJASTAN At Present there are 43 Banks (Including both the Public and Private) and 14 Regional Rural Banks in Rajastan state. Lead Bank for Rajastan is Bank of Baroda. Total Agricultural Loan Issued (As on 31st March 2006)

Crop Loans

CATEGORY ACCOUNTS AMOUNT(Lacs) Commercial Banks 279501 247302.5 RRBs 115810 93952.55 Cooperative Banks 899519 205238.14 Total 1294830 546493.19

CATEGORY ACCOUNTS AMOUNT(Lacs) Commercial Banks 211311 133576.01 RRBs 97737 81404.10 Cooperative Banks 880002 18919.54 Total 1189050 40417.65

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Term Loans

Recovery in Agriculture sector is 77.51%(2004-2005),which is improving year by year and indeed a silver line for the Bankers, however a huge amount of funds is still stuck with the barrowers and is mounting year after year. The provisions of Rajasthan Government�s support in recovering banks dues are primarily stipulated under RACO (ROD) Act 1974.Though bankers have filed numerous cases under this act the recovery is much below the expected level. The pendancy of cases under this act is more than 1.6 lacs. Some Bankers feel that if the present situation continues then it will be tuff to carry on with government sponsored agricultural schemes and the cases should be solved in mind that it will be counter productive for the developmental journey. The government has a policy for doubling the agriculture credit in three years. Some of the bankers feel that with this policy of the government many NGOs and private institutions will come up in near future and they have to do more of the institutional lending in Rajastan.

CATEGORY ACCOUNTS AMOUNT(Lacs) Commercial Banks 66088 66840.58 RRBs 18073 12548.45 Cooperative Banks 19517 16046.6 Total 103678 95435.63

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NABARD has the following schemes for Rajastan state. AGRICULTURAL FINANCE SCHEMES.

1. Kisan Credit Card (KCC): The KCC facility designed exclusively for the benefit of the farmers aims to provide them the opportunity to manage and utilize their funds in the manner they deem fit. KCC provide adequate and timely support to farmers for their production needs e.g. purchase of quality inputs, investment requirements like purchase of agriculture implements/tractor etc, farming expenses towards farm maintenance, unforeseen family expenses (consumption) and maintenance of non-farm activities.

2. Purchase of agricultural implements including indigenous improved ones being

utilized for field operations including harvesting/sorting/grading, for not only to farmers, but also for land-less laborers.

3. Purchase of heavy agricultural machinery like tractors, power-tillers, etc. either

by farmers having larger holdings with irrigation facilities or group of farmers with irrigation facilities.

4. Purchase of second hand tractors to provide opportunity to those interested

farmers in dry land farming or having a small land holding who can not afford to purchase new tractors.

5. Production credit for raising various crops from the point of preparatory tillage

till harvesting, for land owners or permanent tenants or lease holders or share croppers.

6. Farm produce marketing loan against pledge of reciept of warehouse/ cold

storages to the farmers.

7. Development of irrigation facilities, covering sinking of wells/bore wells, lifting of water by installation of pump sets, transporting of water through field channels, water saving system like drip irrigation/sprinkler irrigation etc. for farmers .Energising of pump sets through Non-conventional Energy Resources like wind mill, solar energy etc. or installation of generation sets is also covered.

8. Extending Custom services to farmers by way of machinery like tractor thresher

etc. Equipment on rental basis and maintenance of cold storage /godowns for hiring, by individuals, institutions / organizations.

9. Providing employment to the unemployed technical personnel through Agro service Centre.

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10. Setting up of Agri clinic and Agribusiness centre by agriculture graduates.

11. Construction farm building/structures like cattle shed, tractor shed, thrashing

yards, fencing etc. by individual farmer or firms engaged in agricultural activity and is of long term nature.

12. Construction/Expansion/modernization/Renovation of Rural Godown/Cold

storage.

13. Development of horticulture including production, processing and marketing of various fruits, vegetables, plantation and flowers, which cover from nursery to the point of market, by individual farmers, firms, organization like co-operative societies etc. and which covers both long term and short term requirement.

14. Development of land like bunding, terracing, leveling etc. and reclamation of

saline, alkaline, ravine soils by farmer or organisation like co-operative societies etc.

15. Development of allied activities to agriculture like dairy, poultry , fisheries,

sericulture, mushrooms, apiculture etc. by production , processing and marketing by farmer, land less laborers, firms, organisations, like co-operative societies etc .finance by way of long term nature and short term nature is being extended.

16. Financing Scheduled Caste & Scheduled tribes who have been provided/allotted

land by the State Govt, can be financed for purchase of farm implements irrigation pair of bullocks etc.

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RESEARCH METHEDOLOGY

The main purpose of the project is to know the scope for large agricultural lending with a ticket size of minimum 10 lacs. The objectives:

1. Identify potential of large predominant agricultural activities in the area (district and taluka level) for Bank lending.

2. Finding out the existing market scenario, the major financer, and the

limitations as well as identifying the ways to overcome it.

3. Finally formulating the strategies (including lead generation) to enter in to the potential markets.

Mainly the Projects of individual farmers and Corporates/Industries are targeted. Three districts of Rajastan are covered under this project namely Ajmer, Alwar and Tonk

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Sources approached for secondary data collection: Jaipur

Ajay Sirohi Assistant manager Agri Finance, Kotak Mahindra Bank Krishi bhavan Director NIAM State Level bankers Committee(SLBC) Head Office NABARD

Ajmer district

Shyam Bihari, Kotak Mahindra Bank Office of the Deputy Director Agriculture Different Banks including the Lead Bank (Bank of Baroda) District Development officer NABARD Office of the Deputy Director Horticulture Office of the Deputy Director Animal Husbandry Different dealers and Traders District Industrial Centre(RIICO) Intensive Poultry Development Board(IPDP) National Egg Coordination Committee(NECC)

Alwar district

Rithuraj Sharma, Kotak Mahindra Bank Office of the deputy Director Agriculture Different Banks including the Lead Bank (Punjab National Bank) District Development officer NABARD Office of the Deputy Director Horticulture Office of the Deputy Director Animal Husbandry Different dealers and Traders District Industrial Centre(RIICO)

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Tonk District

Suresh Sherawat, Kotak Mahindra Bank Office of the Deputy director Agriculture Different Banks including the Lead Bank(Bank of Baroda) District Development officer NABARD Office of the Deputy Director Horticulture Office of the Deputy Director Animal Husbandry Different dealers and Traders District Industrial Centre(RIICO)

Secondary data regarding large agricultural activities, Agricultural lending in these districts by banks and information about the individual farmers and the industries is collected from these sources. After the collection of secondary data further information and details are gathered by meeting the individuals� concerned.

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AJMER

District Map

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AGRICULTURE IN AJMER DISTRICT Agriculture in Ajmer is constrained by severe drought situation prevailing from last four years. Normally rains come sufficiently at an interval of three to four years. Irrigation facility is limited, so mostly dryland crops are grown. Only very few farmers are cultivating vegetables and flowers like rose. So Rose is becoming popular among farmers having irrigation facility. Classification of Farmers based on land Holding CATAGORY CRITERIA PERCENTAGE Marginal Less than 1 hector 47% Small 1-2 hector 20.6% Semi Medium More than 2-4 17% Medium 4-10 11.9% Large More than 10 3.1%

Average size of holding is 2.3 hectares. Irrigation in Ajmer Total Area under irrigation in Ajmer District is 41404 hectares. Sourcewise irrigated area in Ajmer

Canals:5 hectares Tanks:7hectares Tubewells:41284 hectares Other sources:39 hectares

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AGRO INDUSTRIES/CORPORATES IN AJMER At present there are 24 medium and large scale industries in Ajmer. Out of them only five are agro industries

1. Ajmer Jilla Daugdh Utpadak Sahakari Sangh Ltd Opposite HMT Beawar Road Ajmer J R Dhaka MD (0145) 2440352, 2440027

2. Baldua foods and processors Ltd JLN Udyogpuri Sendra Road Beawar Ajmer S N Baldua Director (0145) 2355884

3. Uttra foods and feeds Pvt Ltd Ladpura Road Gagwhna Ajmer Dr.M M Pathak AGM (0145) 2787152

4. Mahalaxmi Mills(A Unit of NTC) Near railway station Beawar Ajmer J R Dixit (0145) 251132

5. Shree Bijay Cotton Mills Bijay Nagar Ajmer R S Mathur GM (0145) 230206 AGRICULTURE LENDING SCENARIO IN AJMER Lead Bank: Bank of Baroda Total Number of banks: 29(Including 18 Commercial and 11 Cooperatives) Because of drought Agricultural lending has been severely effected and only 62% of the targeted lending has been achieved. The Bankers feel that in near future they will be lending the Private agricultural organizations and NGOs along with the government Organizations which are expected to come up because of the policy decisions of the government. The government is trying hard to support agriculture by providing organizational support and Banks have an opportunity here.

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MAJOR AGRICULTURAL ACTIVITY IN AJMER HAVING POTENTIAL FOR

LARGE AGRICULTURAL LENDING

POULTRY Total number of Poultry birds estimated in Ajmer is 8 lacs which is half of normal 16 lacs largely because of Bird flu menace after February 17, 2006.But expected to recover fully by the end of the year 2006 Economics of a Poultry Unit of 1000 Birds COST COMPONENT (Rupees) Capital for infrastructure 28000 Working capital 91000 Operating Expenditure 232000 TOTAL 323000 INCOME COMPONENT Eggs 300/bird/year 300*1000=300000 120/100 Eggs=360000 Meat (950 birds) 5%death rate 36/bird=34200 Droppings 10/Bird=10000 Gunny bags of feed 8/bird=8000 TOTAL INCOME/YEAR 412200 Profit 88850 Deppreciation 60000 Net income 28000(First Year) Second Year 28000+10000=38000 Third year onwards 48000

Source: Intensive Poultry Development Programme Ajmer So the minimum size of farm for lending of more than 10 lacs in Ajmer is around 30000 birds.

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ROSE

Pushkar Area has some Rose Farmers who are likely to invest in Green house Rose farming, Gulab jal production and Gulkand factories. So Rose is a Potential crop to concentrate in near future

Economics of cut flowers production (Roses) in a polyhouse of one hectare size is given:

Sr. No.

Particulars Amount Rs.

in lakh Capital Investment 1 Polyhouse structure 45.00 2 Pre cooling and cold storage unit 15.00 3 Refrigerated van 13.00 4 Planting material 4.50 5 Land value 2.00

I

Total 79.50 Costs and Returns 1 Fixed costs 16.43 2 Variable costs 29.82 Total costs 46.25 3 Total no. of flowers produced

during 9 months (N0.) 6,76,170

4 Per flower Average cost (Rs) 6.85 Average price received

with no important (Rs) 12.28

Average price received net ofimport duty (15%) (Rs)

10.44

II

Net profit (Rs) 3.59

The items of fixed cost included interest on investment, depreciation on structure and transport and other equipment, and amortization of planting material. The items of variable cost included irrigation charges, fertigation, labour charges, managerial and supervision charges grading, packing, transport costs and air freight. This showed that inspite of high cost of cultivation of roses in polyhouses, their production is quite profitable due to export market.

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POTENTIAL CLIENTS FOR LARGE AGRICULTURAL LENDING IN AJMER Businessmen 1

2

Name and Address Manoj Sharda 982907037 (Personal) (Contact Person: Jayanth Sharma 9829903268) 17 Datanagar, Lohagal node, near Rambhavan, Shastrinagar Ajmer

Business Manufacturer of Biscuits for Parle Mumbai Turn over 90 Crores worth Biscuits manufactured and

supplied to Parle Source of funds Previously Bank of Baroda now all the repayment

is over Rate of funds 10% Use of funds For Agri related projects in Future Fund Required More than 2 Crores Projects Floriculture, Agroforestry, Fruit plants Collateral Land on Mortgage previously for BOB Repayment record - Remarks Stresses on the role of the Government, Water and

Power availability for Agriculture. Positive for the proposal of lending by Kotak

Name Nari Bhai 9414008571 Sahil Hotel Delhigate Ajmer

Business Hotel, Travel agency, Poultry(Business all over North India)

Turn over 1 Crore/month Source of funds Revenue from the Business Rate of funds - Use of funds - Other activities(including agri)

Farm House 8.5 biga(aonla, jamun, mango at Pushkar) 13.5 biga Poultry

Remarks Not very much keen on taking Bank Loans

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3

TRADERS 4

Name Jagath Singh Owner Jagat Palace and Pushkar Palace Reception Jagat Palace (91145 ) 2772953 2772954

Remarks Highly rated Businessman, owning 2 Heritage Hotels at Pushkar Ajmer. Contacted his associates, who say he is open to taking loans for the development of his agricultural farm and has keen interest in farming

Name Ved Mithra Sharma Director Ved Seeds (Family Business) Kesarganj Ajmer 9829270691 9414008338

Business Seeds and Agri Inputs, Oil seeds Stockiest Turn over Around 70 Lakhs Per Annum Source of funds - Rate of funds - Use of funds Seed Production Unit Fund Required 15 to 20 Lakhs Projects Vegetable seed production on 10 bhiga Land Collateral - Repayment record - Remarks Interested in taking Loan

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5

6

Name Mangilal Banseli Nataraj Krishi Sevakendra, Ganapathi Market Near Ganaheda Chungi circle, Pushkar 305022 2773478(O) 2772016 2773454(R) Wakchand Grandson 9314247355 Om Prakash, In the Shop 9314247355,9351296255

Business Agri inputs, Gulkand, Gulabjal Turn over Well off Source of funds - Rate of funds - Use of funds Business Fund Required Will have a clear picture after an year Projects Gulkand and Gulabjal factory Collateral Land and Property Repayment record - Remarks Hesitant to invest now because of drought and

plans invest next year

Name Kamlesh Jain Nakoda Krishi Seva Kendra, Ganaheda, Pushkar 2773546

Business Agri Inputs Turn over 40 lakhs/annum Source of funds SBBJ,PNB Rate of funds 10% Use of funds Business Fund Required Around 10 lakhs Projects Improving the coverage of the present business Collateral Property other than land Repayment record - Remarks Interested

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DAIRY 7

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Name Ajmer Dairy(Saras Ajmer) Lending pattern Through Revenue, Short term Loan from Banks Source of funds RCDF(Rajastan Co operative Dairy federation)which

looks after the financial requirements of all the dairies under Saras in Rajastan,

Rate of Funds 5.75 to 6% HDFC Bank Services Obtained Happy Collateral Offered Hypothecation and Fixed assets Turnover 100 Crores Remarks A cooperative but a commercial organization. Needs

large amount of funds.

Name Raj Purohit Dairy Ghoogra Village, Ajmer Manohar Singh 9414002938 Surinder Singh 9414006819 0145 2787619

Business Pasteurized milk Turn over 30000 liters Daily, plans are on for increasing the

capacity to 50000 liters/Day Source of funds Union Bank of India, PNB(Taken during starting

of the present plant around 1 crore now repayed) Rate of funds 8.25% Use of funds Dairy Fund Required 2 Crores Projects Aromatic ghee Plant-50 Lakhs,

Butter Plant-1 Crore, Cattle feed plant-50 lakhs, for all this the land has been purchased, they also need funds for new infrastructure

Collateral - Repayment record Good Remarks Positive and Interested

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POULTRY 9

10

11

Name Sudeer Shivahare Fine Poultry Farm, Palda Parbathpur Home Address: 22 Adarshnagar Maingate, Ajmer Ph (0145) 2441606

Business Poultry Turn over 1 Crore/Annum Source of funds BOB Rate of funds 10% No Subsidies Use of funds Farming and Poultry Fund Required 30 Lakhs Projects Farming and Poultry Collateral Land ,Infrastructure, Home Land Holding 10 Acre Remarks Interested

Name Sunil Mittal Mittal Poultry Farm Pushkar Road Ajmer 0145 2643823(Farm) 2627520(Home) 9829572924

Remarks Not interested in sharing his plans as he feels that the business is highly unpredictable after the bird flu episode. Projects are after 6 months to 1 Year

Name Deepak Vidhani Deepak Poultry Farm Pushkar Road Ajmer 9352007171

Business Poultry Remarks Not interested at present now concentrating on

rebuilding his business after bird flu threat. Projects are After 6months to 1 Year

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12

13

14

Name Lokesh Birds 0145 2423785 Sitaram Bazar Kesarganj, Ajmer Farm:Kesarpura Bewar road Ajmer

Business Hatcheries, One of the largest supplier of chicks in North India

Remarks Projects after accessing marketing situation in about 6 months to 1year

Name M S Khan 9829073774 near Jama Masjid Ajmerdairy Khanpura Rastha Beawar road Ajmer

Business Poultry Turn over - Source of funds - Rate of funds - Use of funds Poultry Fund Required Requires fund in near future Projects - Collateral - Repayment record - Remarks In need of funds

Name Kevalram Hatcheries Mahesh Kevalram Office above Punjab Sindh Bank Kesarganj, Station Road Ajmer 0145 2622057

Business Hatcheries, One of the largest suppliers of chicks in North India

Remarks Concerned about the future of poultry market says the number of birds in ajmer district has come down from 16 lakhs to 8 lakhs and demand for chicks an parental stocks is has drastically comedown. Plans depend on the developments in the near future.

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15

16

FARMERS 17

18

Name and Address Syed munnabar Hussain NECC Committee Ajmer 9414220377

Name and address Fakri Moin NECC Ajmer Moin Poultry Farm Parbathpura Bypass Ajmer

Name Chogalal Rawat 9829072657 Village end Post Ganaheda Pushkar

Remarks Very much interested and wants to talk directly with the bank

Name Manohar Ajmera 9351442141 Banseli, Pushkar Business Nursery(Krishna Nursery) Turn over - Source of funds PNB Already Repayed Now SBBJ Rate of funds - Use of funds Nursery Fund Required 20 Lakhs Projects Improvement of 24 biga land Collateral Land Repayment record Good Remarks Already has Loan on Land no other Collateral

available.

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19

INDUSTRY/CORPORATE 20

Name Babulal Mahaver, Ganaheda, Pushkar 0145 2772051

Business Gulab jal, Gulkand Turn over - Source of funds No loans taken yet Rate of funds - Use of funds - Fund Required - Projects - Collateral - Land and agriculture 25 bhiga vegetables, aonla and Rose are grown Remarks Progressive farmer capable of investing but

hesitant to reveal details can invest in future.

Name Uttara Foods and Feeds Pvt Ltd Ladpura Road Gagwhna Ajmer 0145 2787152

Business Poultry feed in Ajmer Corporate office Pune Dr.M M Pathak AGM

Turn over - Source of funds - Rate of funds - Use of funds - Fund Required - Projects New Biscuit factory at Ajmer Collateral - Repayment record Remarks Financial Matters managed at Pune.

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ALWAR

DISTRICT MAP

31

AGRICULTURE IN ALWAR Agriculture in Alwar is mainly based on dryland cropping. There are farmers who have large holdings but no Idea about what to do in the land. Recently some professionals and businessmen have planted Aonla in the outskirts of the town.

Classification of Farmers based on Land Holding

Average land holding of farmers is 1.8 Hector Irrigation In Alwar Total area under irrigation in Alwar is 452020 hectares. Source wise area under irrigation in Alwar

Tubewells:267882 hectares Other Sources:255 hectares

AGRO INDUSTRIES/CORPORATES IN ALWAR There are 99 large and medium scale industries in Alwar. But only 4 out of them are viable agro industries.

1. Alwar Jilla Daugdh Utpadak samiti Jaipur Road Alwar

2. Shashi Phyto chemicals Ltd Old Industrial Area Alwar

3. Vijay Solvex Ltd Itarana Road Alwar

4. Dabur India Ltd MIA Alwar

CATAGORY CRITERIA PERCENTAGE Marginal farmers Less than 1 hector 46.44% Small farmers 1-2 hector 24.91% Medium and above More than 2 hector 28.65%

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AGRICULTURAL LENDING SCENARIO IN ALWAR Total Number of Banks in Alwar is 26.Lead bank in the district is Punjab National Bank. Total Agricultural Credit targeted in 2005 was29579.55 lacs and achieved was 59839.92 lacs. So the achievement was 201.29%. In rural areas 70% of the lending is through agriculture only through Kisan Credit Card and Term Loans mainly for purchase of Tractors.

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POTENTIAL ACTIVITIES FOR LARGE AGRICULTURAL LENDING IN

ALWAR

AONLA Aonla cost of cultivation

Investments Over The Years Particulars 1 2 3 4

Total Cost

Land Preparation 1000 - - - 1000 Digging Pits @ Rs.5/- per Pit

( 80 Pits of 2.5 x 2.5' x 2.5' / Acre ) 400 - - - 400 Planting Material @ 80 Plants /Acre

(@ Rs.30/- per Plant), 15% extra for Mortality and Gap Filling 2700 - - - 2700 Planting & Staking @ Rs.5/- per Plant 500 - - - 500 Barbed Wire Fencing 8000 - - - 8000 Farm Implements 1500 - - - 1500 Manures & Fertilizers 1200 1500 1800 2000 6500 Irrigation 500 800 1000 1200 3500 Plant Protection Measures 500 600 800 1000 2900 Orchard Management 500 800 1100 1500 3900 Miscellaneous Expenses 500 700 900 1000 3100 Total 17300 4400 5600 6700 34000

Projected Income

Income Over The Years Particulars 5 6 7 8 9 - 25

Yield / Acre in Kg 3000 4200 4800 5500 6000 Gross income @ Rs. 6/- per Kg 18000 25200 28800 33000 36000 Maintenance Cost (Rs./acre) 7500 8000 8500 8500 8500 Net Income 10500 17200 20300 24500 27500

* The above figures are only indicative

Maintenance Cost of Amla for One Acre

Spacing: 7 m x 7 m, No of Plants /Acre = 80

34

MANGO

Cost and Income from Mango Cultivation (Rs. per ha)

Spacing : 10m x 10m

Plant population: 100

Estimated cost:

Year Sr. No.

Particulars 1 2 3 4 5

Total

1 Planting material 2200 -- -- -- -- 2200 2 Manures & Fertilisers 3000 1100 1100 1400 1400 8000 3 Plant protection 1100 600 600 700 700 3700 4 Sprayer & implements 1500 -- -- -- -- 1500 5 Fencing 2500 -- -- -- -- 2500 6 Irrigation 1800 500 500 500 500 3800 7 Labour 3200 1200 1200 1500 1500 8600 8 Intercropping 1500 -- -- -- -- 1500 9 Miscellaneous 600 500 500 500 500 2600

Total 17400 3900 3900 4600 4600 34400 Projected Income

Year 1 to 5 6 7 8 9 10 11 12 13 14 15th

onwards Yield (q/ha) 0 25 35 50 60 70 80 90 100 110 120 Gross value @ Rs. 4.50 / kg

0 11250 15750 22500 27000 31500 3600 40500 45000 49500 54000

Maintenance (Rs/ha)

0 4600 6000 6000 6200 6200 6200 6200 6200 6200 6200

Net Income (Rs/ha)

0 6650 9750 16500 20800 25300 29800 34300 38300 43300 47800

35

POTENTIAL CLIENTS FOR LARGE AGRICULTURAL LENDING IN ALWAR Businessmen 21 Name Narain Dutt

Herohonda Authorised Dealer, Modern Machinery stores Station Road Alwar 301001 (0144) 2337234 2332650

Business Hero Honda Showroom Turn over - Source of funds PNB Rate of funds 9.5-11.5% Use of funds For Agriculture only. Total requirement is around 50

Lacs out of which 25% is given by the government as subsidy so 30 lakhs is the requirement.

Agri activity Organic farming Aonla, lemon, Mango Projects Storage Godown, Medicinal and Aromatic Plants, Oil

Extraction plant, Tulsi Services obtained Subsidy from the government Collateral Property Repayment record - Remarks Interested in taking Loan 22 Name Akbar Khan 9414019486

Alwar Business Transport(Delhi-Haryana Roadways) Turn over - Source of funds Kotak Mahindra, GE Capital, Tata

Finance Rate of funds Not disclosed Use of funds Transport and in Agriculture land Other activities(including agri) 25 Bhiga land Income from other activities - Services obtained Collateral Vehicle Repayment record - Remarks Already a customer of Kotak Mahindra

36

23

24

Name Shambu Dayal 9829517359 (01492) 277280 Bhiwadi

Business JCB(2) and Tractors(6), Motar parts Shop Turn over Around 10 lakhs per annum Source of funds Kotak Mahindra, PNB, Digambar finance Rate of funds - Use of funds Business(Require 8 to 10 lakhs) Other activities (including agri)

106 biga land in Father�s name Musturd, Chickpea, Bajra, Clusterbean, Sagvani, Safeda And Dairy

Income from other activities - Services obtained Happy Collateral Land, JCB, Tractors Repayment record - Remarks Interested in taking Loans. Already a Customer of

Kotak

Name Phool Singh(Son: Mukesh) 9414293076 9351343009 Address: House 610 Bombay Bewadi Carrier Maheshwari, Biwadi

Business Transport Turn over 1 lakh/month Source of funds Kotak, ICICI Bank Rate of funds Expectation 7 to9 Use of funds For Transport Business( Requirement is more than

10 lakhs) Other activities(including agri)

17 Acres of Land wants to invest once he gets power supply in his Farm.

Income from other activities - Services obtained Happy with the present services obtained Collateral Vehicles Repayment record - Remarks Wants to invest in Agriculture and Transport

business Already a customer of Kotak keen to take loan from the Bank again

37

25

TRADERS 26 Name Rahul Goel

Rahul Traders Shaheed Namichand Market Alwar

Business Cement, Seeds, Pesticides and other agri inputs (Manufacturer, Importer)

Income Well Off Agri activity Farming is there on smaller Scale Source of funds Indian Overseas Bank Use of funds Business Rate of interest(%) 9.5 to 11.5 Collateral Property including Land Repayment - Remarks Plans for new Organic Product Launch, not very keen on

changing bankers

Name Puran Patel 9414215225 Authorised Mahindra and Mahindra Dealer Patel Motors Bewadi

Business Tractor Dealer Mahindra and mahindra Turn over 1.5 Crores Source of funds Kotak Mahindra and PNB Rate of funds - Use of funds Business Fund Required More than 10 Lacs Land Holding 18 biga Collateral Land Repayment record - Remarks Already a customer of Kotak

38

27 Name Ved Joshi

9414017008 9414016958 (0144) 2339135(O) 2337008(R) Unnat Agro Pvt Ltd Station Road Alwar

Business All Agro Inputs, Seed Production(Musturd, Wheet, Barley) Income Well Off Agri activity No agriculture of their own, but Act as the link between seed

growing Farmers and certifying Agency Source of funds Bank Of India Use of funds For Business Rate of interest 10.75% Collateral Loan on Hypothecation Repayment - Remarks Plans for a Project of 1 crore consisting of seed production,

Own R&D facilities and allied activities, Interested in taking Loan

DAIRY 28

Name Saras dairy Alwar

Lending pattern banks, Society shares, NDDB, Rajastan Cooperative Dairy Federation(RCDF)

Source of funds Mainly from HDFC Bank Jaipur at 5.85% interest rate(fixed rate) processing 2-3days, clearance/ repayment 31 July every year. Lending is done by the banks based on hypothecation no collateral is taken.

Rate of Funds 5.75-6 HDFC Daily Transaction 1.5 lakh liter milk arrives per day and farmers are paid

Rs 15/letre so total Rs 2250000 per day. Payment is made at least once in 15 days.

Iquidity maintained Liquidity of around 34000000 is maintained. Remarks Profit oriented organization looking for expansion of

area covered. Net profit 0.75%

39

FARMERS 29 Name Col. R S Naruka 9414022751 (0144)2700741(O)

Retired Army Officer, Propriter Kothirao Hotel, Mothidungri, Alwar

Crops grown Tomato, Chilli, Brinjal, Fruit Saplings Acreage Total 17 acres (25bigas) where presently a micro project is

running with10 acre vegetables under Drip, 5 acre Greenhouse Nursery(Largest in the District)where 2.5 lakh fruit saplings are produced

Allied AA Interested, Yet to Start Income AAA - Non-ag activities Hotel Business, Real Estate Income NAA Total figure given Use of fund Only for Agriculture Source of funds Corporation Bank Rate of interest 9% Collateral offered Land, Machinery, Property Net Cash Flow 1 lakh/Month Repayment - Remarks Future Project is of 300 acres where along with the micro

project components other components will also be introduced. Needs around 50 to 60 lakhs lending. Highly positive response to proposal of lending from Kotak.

40

30 Name Umrao lal Saini

Kangal Hatha Infront of Pal Do Pal Hotel Jaipur Road Alwar

Crops grown Aonla-1 bhiga, Gladiolus-3.5 bhigas, Gobi-3bhiga , Gulab 2 bhiga

Acreage Total 10 bhiga Allied AA Flower Shop at Nangli Circle Alwar(Sales 30-40 thousand

flower cut and bouquet per month) Income AAA 1.5 lakhs/month Non-agactivities - Income NAA - Use of fund Agriculture Source of funds PNB Rate of interest Through Kisan Credit Card and Kisan Shakthi(6-7%) Collateral offered Land Net Cash flow Around 15 lakhs only from Floriculture Repayment - Remarks Only farmer cultivating Gladiolus in the whole District. Plans

for a Marriage Hall in the Outskirts of the city and a large flower shop in the circle.

31

Name Rajkumar gupta, 9829244018 Sawan ram taneja (Retired Inspector of Land revenue)

Crops grown Mainly Eucalyptus, Mango, Aonla Acreage More than 250 ha Allied AA Vegetable oil (Vanaspathi brands Ashoka, scooter),Musturd oil

Extraction Income AAA Well off Use of fund For Agriculture(50-70Lakhs) Source of funds SBBJ Rate of interest Not disclosed Collateral offered Land Net worth - Repayment - Remarks Feels that the Bank should come with the project proposal

along with the lending proposal. Interested in taking franchise of the Bank.

41

INDUSTRIES 32

33 Name Ashok Jain ,Jayanthi Industries Alwar Business Cold Storage, Soft Drinks, Ice blocks Turn over Well off Source of funds Mostly the revenue generated from Business Rate of funds - Use of funds Business Other activities(including agri)

plans to invest in Horticulture in future

Remarks Plans to invest 15 crores in Soft drinks Business in future

Name Maneesh Goyal B.E,MSc(BITS Pilani),MBA(IIMB) 9829050049 Manufacturer and Supplier of Herbal Extracts, Phytochemicals and neutraceuticals(Shashi Phytochemical Industries) 1,Old Industrial Area Alwar Also known as Prakash Pulvarising mills

Business Herbal Extracts, Phytochemicals and neutraceuticals and Pesticides

Turn over 11 to 12 Crores/annum Source of funds Indian Bank Rate of funds Around 10.5% Requirement of funds 1 Crore Other activities(including agri)

Cultivation of Herbs

Income from other activities - Services obtained Comfortable Collateral Stocks Repayment record - Remarks Plans are there for Large scale Cultivation of

Herbs and extraction Plant. Very much interested in taking funds from Kotak Mahindra.

42

TONK

DISTRICT MAP

43

AGRICULTURE IN TONK Tonk Agriculture is improving from last one year after it got the irrigation facility from Bisalpur dam near Devli, primarily established for the purpose of providing drinking water facility to Ajmer city. Devli is now a potential region for vegetable production, but has fragmented land holding. Classification of Farmers based on the Land Holding CATOGARY CRITERIA PERCENTAGE Marginal Less than 1 ha 30.03% Small 1-2 ha 20.23% Semi Medium 2-4 ha 20.83% Medium 4-10 ha 19.84% Large Mora than 10 ha 9.07% Irrigation in Tonk Total area under irrigation in Tonk is 75197 hectares. Source wise irrigated area in Tonk:

Tanks:17 hectares Tubewells:70954 hectares Other Sources:2585 hectares

INDUSTRIAL SCENARIO IN TONK No. of large and medium scale units: 2 No. of large and medium scale industries: 2 No. of small scale units: 5,722 No. of industrial areas: 4

Deoli Malpura Newal Tonk

44

Main existing industries

Agro based units (maida, suji) Ball bearings Edible oils Leather tanning units Mineral based items and textiles.

AGRICULTURAL LENDING SCENAREO Lead Bank: Bank of Baroda Total Number of Banks:12(87 Branches) At the end of Dec 2005 the Target was 9333.29 lacs and the achievement was 8060 lacs that is a achievement percentage of 86.42. In Tonk there is no Project or Corporate lending. Most of the lending is through KCC and Kisan shakthi, other than this term loans have been sanctioned for tractors and minor irrigation. No lending is over 5-6 lakhs. There are no harvester machines in the district. Land holding is fragmented. There are a few Mustard oil extraction mills near Nevai. MAJOR AGRICULTURAL ACTIVITIES Tonk District is one of the most backward districts of Rajastan. There is no large Agricultural activity. Recently they have got the facility of Irrigation and vegetables are grown in fragmented land. Remaining agricultural land is covered mostly by Dryland field crops.

45

POTENTIAL CLIENTS FOR LARGE AGRICULTURAL LENDING IN TONK BUSINESSMEN 34

35

Name Rajeev Bansal 9414221205 Business Law College, Medical Stockiest Turn over - Source of funds Loans not Taken Rate of funds - Use of funds For College and Hostel Building Fund Required 30 Lakhs Projects College and Hostel Improvement, new building Collateral - Land 9.5 Bhiga on Record (13 in Use) Musturd and

Vegetables are grown Remarks Runs an NGO which gives Training to Farmers

about Vermi composting, Dairying Etc

Name Banwarilal Soni 9414273581 Rajesh Beedi Factory Joshi Mohalla Tonk HOME: Chauni Road, Bambur gate Tonk

Business Beedi Factory, Gold and Silver Wholesaler Turn over - Source of funds No Loans yet Rate of funds - Use of funds In Business Fund Required 30 Lakhs Land Holding 16 bhiga Collateral - Repayment record - Remarks Interested and in need

46

36

37

Name Prabhulal Choudury 9414334088 Alok Public School Infront of Indian Gas Agency Shastrinagar Tonk

Business Lawyer by Profession , Private School Turn over - Source of funds Housing Loan from BOB Rate of funds Floating rate Use of funds For Land Improvement Fund Required 10 Lakhs Land Holding 25 biga Collateral - Repayment record - Remarks Interested

Name Jayanthi Lal P Jain 9214664708 Eicher Tractors Sawaimadhavpur Road near Gujar hostel Tonk

Business Eicher Tractor Showroom Turn over 1.5 Crore/annum Source of funds PNB 5 Lakhs Rate of funds 10% Use of funds Horticulture, Floriculture Fund Required 60 Lakhs(Total Project 80 Lakhs) Projects Horticulture, Floriculture Collateral Collaterable asset 40 lakhs Land Holding 14 bhiga Remarks Interested

47

38

INDUSTRIES 39

Name Sanjay Sanghi (01432) 253018 9414258081 Sanghi Motars Tractor Dealer near Roadways depot Devli Road ,Tonk

Business Tractors and Auto Rickshaws, FMCG Turn over 1 crore/year Source of funds No Loans yet Revenues Rate of funds - Use of funds Business Fund Required 20 Lakhs Projects - Collateral Land Holding 20 biga Musturd, Jowar Remarks Interested

Name Sushil Kumar Jain 9414249013 Jain Handicrafts Babra ka Chouk Purani Tonk

Business Sheep Wool made Products including Felt(Namda) accessories, Shoes, Flowers, mats, Cushion, Bags, Carpets Etc Totally hand made

Turn over 50 Lakhs/Year Source of funds No Loans Yet Rate of funds - Use of funds For handicrafts made from wool Fund Required 10 Lakhs Projects Conversion of indirect exports of his goods into

direct exports Collateral - Repayment record - Remarks Has commercial Land in Industrial Area. Goods

are exported indirectly to America, Japan and Europe. Has Artisan Card. Interested in taking Loan

48

STRATEGIES OF OTHER BANKS Public Sector Banks Public sector banks are into crop loans and term loans. Term loans are mainly for the purchase of tractors and the number of loans with a lending of more than 10 lacs is very limited. The Banks are happy to disperse the crop loans and the term Loans which are very easily crossing the policy requirement of 18% of their lending. Even these Crop loans and Term Loans are acquiring a large proportion of their Total lending. They say that they do give away Loans amounting more than 10 Lacs only if the Party approaches them. All the prominent Public sector banks are there in the three districts covered. Some of the facilities given by them are mentioned below. BANK OF BARODA It is the Lead Bank of Rajastan and also for Ajmer and Tonk Districts.But has very limited Large agricultural lending. PUNJAB NATIONAL BANK Punjab National Bank is the Lead bank for Alwar district. It has many schemes in agriculture finance but the maximum limit for those schemes is 10 Lacs. Apart from this Bank is attracting farmers by establishing Soil testing centres, Famers training centres,training of rural Youth for self employment under PNB centenary Rural Development trust. STATE BANK GROUP State Bank Group has the maximum number of Agriculture development banks (ADBs) in the three districts. They have all the schemes offered by the NABARD Private Sector Banks Among the private sector Banks HDFC and ICICI Banks are very active. HDFC is Financing SARAS Dairy there by covering up high proportion of its Agricultural lending. ICICI Bank is into Financing Orange growers in the state. It also has a insurance scheme for Orange Crop.

49

LIMITATIONS FOR LARGE AGRICULTURAL LENDING IN THE THREE SELECTED DISTRICTS

1. Fragmented Land holding, which had made the farmers to take up crops in limited area and farmers are able to meet their credit needs through crop loans.

2. Bank is not well known, the farmers are hesitant to share information

3. Attitude of farmers, they are satisfied with the limited work they do and don�t

like to innovate.

4. Weather conditions, discourage large investment in agriculture.

5. Poor infrastructure, discourage Corporate establishment in the districts.

6. Favoritism towards public sector Banks, Farmers and even businessmen favour public sector banks than the private sector Banks.

STRATEGIES FOR THE THREE SELECTED DISTRICTS

1. Targeting individuals rather than a particular activity expect for for poultry in Ajmer.

2. Institutional lending, expected to prosper in near future.

3. Project proposals, along with the lending proposals proposing a project suitable

for that particular region giving details of cost, returns and profits.

4. Subsidies from NHB and NABARD, have significant impact as far as the acceptance of the loan is concerned in all the three districts.

5. Food Parks, offer good scope for corporate and industrial lending in near future

with food parks expected in Kota, Jodhpur and Sriganganagar.

6. Training centers of Farmers, thus encouraging them to innovate and take up new projects.

7. Services to Farmers, such as soil testing centers and technical guidance.

8. Advertisement, to popularize the bank.

50

END NOTE Agriculture lending in the districts of Ajmer, Alwar and Tonk districts of Rajastan is largely based on crop loans and term loans. Large scale lending is hindered because of adverse weather conditions in recent years and lack of proper infrastructure for agro based industries. So the scope for large lending in these 3 districts is indeed limited.

51

ANNEXURES (QUESTIONNAIRS USED) For Bankers

For Businessmen

Industry/Corporate

Name of the bank Client Profile Interest rate NPA Sectors Repayment record Services offered Lead time for the loan Type of interest rate Contact person Remarks

Name Business Turn over Source of funds Rate of funds Use of funds Fund Required Projects Collateral Repayment record Remarks

Name Lending pattern Source of funds Rate of Funds Services Obtained Collateral Offered Turnover Remarks

52

For Traders/Dealers Name Crops managed Income Large farmers visiting Agri activity Source of funds Use of funds Rate of interest Collateral Repayment Remarks For Farmers Name Crops grown Acreage Allied AA Income AAA Non-ag activities Income NAA Use of fund Source of funds Rate of interest Collateral offered Net Cash Flow Repayment Remarks