NABARD clears low-interest loans for 50K small tea gardens workers

Jalpaiguri: Ahead of the upcoming elections, the National Bank for Agriculture and Rural Development (NABARD) has approved a low-interest credit scheme for small tea growers in North Bengal, bringing nearly 50,000 small tea gardens under institutional financing for the first time.

The Jalpaiguri Central Co-operative Bank will implement the scheme across the region. According to bank chairman Sourav Chakraborty, individual small tea garden owners and growers operating under cooperatives will be eligible for loans of Rs.1.43 lakh each at an interest rate of 7 per cent. “If the borrower repays the full amount within one year, the interest rate will effectively be reduced to 4 per cent,” Chakraborty said. In the second year, an additional loan of Rs.64,000 will be provided at the same rate. The scheme has been brought under NABARD’s refinance process.

Chakraborty said that small tea growers had long sought access to institutional credit, but banks were unable to extend loans earlier as tea cultivation was not classified under agriculture for such financing. With NABARD’s approval, loans will now be sanctioned upon submission of land ownership and identity documents.

He termed the move a major boost for new plantations, irrigation, maintenance and overall development.

Welcoming the decision, Rajat Roy Karjee, President of the Jalpaiguri District Small Tea Growers’ Association, said the demand for low-interest loans had been pending for a long time. “This initiative will significantly benefit marginal tea growers and strengthen cultivation. We will extend full cooperation to the bank in implementing the scheme,” he said. Meanwhile, the BJP has sought to claim credit for the development. Bapi Goswami, the party’s Siliguri Zone

In-Charge, said the move counters allegations that the Centre had neglected the tea industry. “This initiative, implemented through NABARD, clearly reflects the Centre’s commitment,” he said.