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Latest World News Update > Blog > Business > Bank of Maharashtra’s Maha Krishi Samrudhi Yojana (MKSY): Financial Support for Food and Agro-Based Industries – World News Network
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Bank of Maharashtra’s Maha Krishi Samrudhi Yojana (MKSY): Financial Support for Food and Agro-Based Industries – World News Network

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Last updated: May 28, 2024 12:00 am
worldnewsnetwork 1 year ago
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New Delhi [India], May 28: India is a nation where agriculture forms the backbone of the economy and the quest for a robust support system for farmers and agro-based industries is utmost essential. Recognizing this, Bank of Maharashtra introduces the Maha Krishi Samridhi Yojana (MKSY), offering financial assistance to food and agro-based industries, agri-infrastructure projects involved in processing activities, and the development of agricultural infrastructure facilities.
MKSY scheme provides comprehensive solution for Individuals, Proprietary Firms, Partnership Concerns, Farmer Producer Companies (FPCs), Public and Private Limited Companies, LLPs working in food and agro-processing sector.
Nurturing Growth in Agriculture
Bank of Maharashtra understands the process of financing to agri-businesses and hence in order to encourage Agro Based Industries as well as attract New Farmers’ / Agri-Business entrepreneurs’ / borrower units to grow and expand, MKSY scheme is designed to meet the financial needs of all agri-businesses. Features of the scheme are as follows:
* The MKSY scheme extends finance to new as well as existing Food and Agro-processing units /Agri-Infrastructure Project (Including Take-over from Other Banks / FIs) under “Agriculture”.
* Under MKSY, scheme loans can be granted for financing new projects / expansion of existing units i.e. for acquisition or construction of Land & Building, Plant & Machinery etc. based on the project cost. It also includes takeover of an existing unit.
* The scheme adopts a cluster based approach on a PAN India basis to finance borrower units, providing various types of Fund based and Non-Fund based credit facilities such as Term Loans, Working Capital Facility, Export Credit like Pre-Shipment and Post-Shipment facility, Bill Purchase, Bill Discounting, Letter of Credit (LCs) and Bank Guarantees (BGs) with a maximum loan limit of upto Rs.100.00 Crores.
Nurturing Growth: MKSY’s Approach to Margins and Ratings
Under the scheme, for Term Loans & Working capital limits, Bank extends finance at lower margins based on the project. For all accounts with aggregate exposure above Rs.25.00 lakhs, Internal Credit Rating is done by the Bank, and for all loan accounts having aggregate exposures of above Rs.25.00 crores, External Credit rating is mandatory with minimum credit risk rating to be “BBB”.
Savings and Support: Interest Rates and Concessions
The Bank is offering loans under MKSY Scheme at competitive rates and are decided on various parameters such as Credit Risk Rating, Collaterals offered, CIBIL MSME Rank among others.
Additionally, the Bank has also waived processing fees for borrowers with CIBIL MSME Rank of CMR-1 & CMR-2. The Bank has also extended concessions in processing fees for borrowers or units with CIBIL MSME Rank between CMR-3 to CMR – 6 ranging from 25-50%.
Ongoing Support to Provide Financial Relief
The bank understands the challenges of managing finances. Repayment structures and processing fees have been configured to lighten the financial burden:
* Under the scheme, the repayment period for terms loans is upto 10 years including the moratorium period which is decided on the basis of the purpose of investment, economic life of assets and cash flows from the business.
* For Working Capital loans annual review / renewal would be carried out. All Working Capital loans would be repayable on demand.
Unlocking Potential in Agriculture
MKSY’s unique features include its cluster-based approach, which aligns with the One District One Product (ODOP) initiative by the Ministry of Food Processing Industries, Government of India. The scheme also aligns with the directions of the Department of Agriculture and Farmers’ Welfare, Government of India, showcasing its commitment to supporting existing and new agro and food processing units.
Bank of Maharashtra’s Maha Krishi Samrudhi Yojana is a testament of our support and commitment to India’s agricultural advancement. It strengthens the shared vision of an agriculture-centered society by providing not just loans but also a healthy ecosystem for growth.
To get more information, please visit: https://bankofmaharashtra.in/maha-krishi-samrudhi-yojana
(ADVERTORIAL DISCLAIMER: The above press release has been provided by SMPL. ANI will not be responsible in any way for the content of the same)

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