SBI, Citi announce social loan facility of $295 million for small farmers

State Bank of India

State Bank of India and Citi on April 3 announced a social loan facility of $295 million with Citi’s Trade & Working Capital Solutions to support small farmers in India, the Indian lender said in a release.

The SBI also said the facility will improve smallholder farmers’ agricultural productivity and enhance financial well-being.

SBI will utilise the facility to finance its Kisan Credit Card loan portfolio, to help meet the credit requirements of the agricultural sector, and within this, smallholder farmers.

Limited income and restricted access to credit hinder small farmers ability to plan for long-term needs, often restricting their productivity, growth, and excluding them from the wider economy, the release said.

By enhancing access to credit, the facility aims to foster agricultural production and income-generation, thereby contributing towards livelihood enhancements and promoting economic inclusion for this underserved community, the release added.