CBSL steps up support to battle food shortage

Friday, 1 July 2022 00:22 - - {{hitsCtrl.values.hits}}

Introduces Sarusaara loan scheme for SME farmers and home growers
Loans up to a maximum of
Rs. 1 m for 35 crops, including home gardening and nurseries
Aims to achieve food security via short-term yield and sustainable growth of agrarian economy

The Central Bank has introduced an interest subsidy and credit guarantee scheme funded by the Government to boost cultivation to withstand a possible food crisis.

Food security through the expansion of short-term cropping and sustainable development of the agrarian economy is the key objective of the initiative.

The New Comprehensive Rural Credit Scheme (NCRCS) titled ‘Sarusaara’ can be obtained by small and medium-scale farmers and for home growers up to a maximum of Rs. 1 million (varies depending on the crop) at 8% per annum.

The repayment period for 35 crops including home gardening and nurseries varies between 270 days to 365 days (depending on the crops).

Over 30 crops including; Paddy, Chillies, Onion, Cowpea, Green Gram, Black Gram, Soya beans, Kurakkan, Maize, Ground Nut, Gingelly, Sun Flower, Potato, Sweet Potato, Manioc, Kiri Ala, Brinjal, Ladies Fingers, Beetroot, Beans, Cabbage, Carrot, Capsicum, Tomato, Leeks, Radish, Knoh Khol, Luffa, Bitter Gourd, Snake Gourd, Pumpkin, Ginger, Sugarcane as well as home gardening and nurseries can avail this loan scheme.

The loan scheme is available for all districts via participating financial institutions namely; Bank of Ceylon, Peoples Bank, Commercial Bank PLC, Cargills Bank Ltd., DFCC Bank PLC, HDFC Bank PLC, Hatton National Bank PLC, Sampath Bank PLC, Sanasa Development Bank Ltd., Seylan Bank PLC, Pan Asia Banking Corporation PLC, National Development Bank PLC, and Nations Trust Bank PLC.