UBI signs MoU with Netafim

The Union Bank of India (UBI) has signed a memorandum of understanding (MoU) with Netafim Irrigation Pvt Ltd recently, to finance the farmers interested in installing drip irrigation system of the company.

Netafim Irrigation is a subsidiary of Netafim Israel, one of the world's leading irrigation enterprise.

The new pact was in tune with the Union finance ministry's proposals to enhance the farm credit by 30 per cent.

The MoU was signed by N S Metha, deputy general manager, Gujarat Zone, UBI and Zvi Feler, managing director Netafim Irrigation. The company will also give guidance to the farmers on irrigation management and such related matters.

To achieve a 33 per cent rise in the agriculture credit during the current year, the bank has planned to open 100 new accounts per semi-urban and rural branches.

Accordingly, during the first half of the current year ended on September 2004, over 3,516 new farmers have been assisted and brought into bank's fold providing credit to tune of Rs 22.36 crore.

Most of the farmer borrowers have been covered under Union Green Card and Kishan Credit Card scheme of the bank.