Industry executives stated that Paddy, fish farming and shrimp farming were the major driving factors in credit demand.
In general, credit demand from farming is high. However, during this Kharif season, fish farming and shrimp farming have shown progressive demand.
As per Thomas George Muthoot, Director of Muthoot Fincorp, gold loan offtake from the farming community recorded a surge of nearly 10-12%.
According to Indel Money CEO Umesh Mohanan, the economic recovery and the potential of an above-average rainfall have increased the likelihood of a prosperous Kharif season. Further, there is a strong demand from farming segments for gold loans to address short-term capital needs.
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