SBI signs farm deal in Lucknow

The State Bank of India (SBI) and Bio-Tech, Lucknow, entered into an alliance for financing farmers' tissue culture labs, agri processing and distillation units, in Lucknow, last week.

The memorandum of understanding (MoU) was signed by Awadesh Kumar, deputy general manager (agriculture business), for and on behalf of the bank and Bio-Tech Park Chief Executive Officer (CEO) PK Seth, in the presence of SBI Chief General Manager Shiva Kumar.

Kumar said using high-tech methods of cultivation of various fruit crops would result in high yields in shorter periods of crop cycles and thus help farmers in increasing income.

He assured the SBI would continue its efforts in financing high-tech agriculture, emphasising that like previous years, the SBI would continue in taking the lead in poverty alleviation.

"The Bio-Tech Park would be a large platform for bringing together agro-based industries, entrepreneurs and farmers," he added and appealed all concerned to take advantage of new technology and opportunities.

"The Bio-Tech Park in Lucknow is the first in the country to set up facilities for industries and farmers based on local technology. Special varieties of plants are being developed and farmers are also being trained in new techniques," said Seth.