“The pact has been signed keeping in mind the government focus on doubling farmers’ incomes by 2022,” said BoB.
“The loan service will enable an ecosystem to provide end to end solutions to farmers,” BoB said in a statement.
Besides farmers, joint-liability groups, self-help groups, farmer producer organisations (FPOs) and small rural entrepreneurs will also be able to take loans to buy farm machinery and farm equipment.
EM3 offers farm mechanisation services like land preparation, transplantation/sowing to crop harvesting and post-harvest management for small hold farmers on a pay-per-use basis.
“Memorandum of understanding with EM3 Agri Services is to work jointly and to provide loans to farmers who will be a franchise of the company for the purchase of farm machinery and farm equipment for crop production and farm mechanisation,” said Head Rural and Agri Banking and CSR, Bank of Baroda.