Sunday, September 25, 2022
Home > Finance News > Gold loan NBFCs report 12% uptick in credit demand from agri sector

Gold loan NBFCs report 12% uptick in credit demand from agri sector


Gold loan non-banking financial companies have seen up to 12% uptick in credit demand from the farming sector in the ongoing kharif season. Paddy, fish farming and shrimp farming have led the increase in credit demand, said industry executives.

“The credit demand from farming in general is high. Fish farming and shrimp farming have shown more demand during the ongoing kharif season,” said George Alexander Muthoot, managing director, Muthoot Finance.

The economic rebound and the prospect of above normal monsoon have brightened the prospect of a good kharif season, said Indel Money CEO Umesh Mohanan. “We have witnessed healthy demand from farming segments for gold loans to meet short-term capital requirements,” he said.

Thomas George Muthoot, director, Muthoot Fincorp, said gold loan offtake from farming community has been 10-12% higher YoY.

Aquaconnect CEO Rajamanohar Somasundaram said formal credit offtake is on the rise for aquaculture.



Source link

Leave a Reply

Your email address will not be published.

%d bloggers like this: