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Raghuram Rajan calls for formal financing routes for farmers

"It is lack of formal financing rather than the excessive burden of informal financing which is the problem. So can we move formal financing to every area of the country," the RBI governor was quoted as saying.

(Compiled by Neha Dasgupta) | April 25, 2015 | Updated 10:49 IST
Reserve Bank of India Governor Raghuram Rajan
Reserve Bank of India Governor Raghuram Rajan

Reserve Bank of India Governor Raghuram Rajan called for an urgent expansion of formal financing routes for farmers after a spate of suicides in the country, the Business Standard said on Saturday, citing the Press Trust of India.

"It is lack of formal financing rather than the excessive burden of informal financing which is the problem. So can we move formal financing to every area of the country," Rajan was quoted as saying.

Prime Minister Narendra Modi's government has delayed a bill that will make it easier for industry to buy farmland, following anger over rising rural distress and the suicide of a farmer in New Delhi.

(Reuters)

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