"Debt waivers create a moral hazard from a credit repayment perspective and we cannot have omnibus waivers," chairman Harsh Kumar Bhanwala said, a week after the UP government announced a Rs 36,000-crore farm loan waiver package.
Weather forecasters are not convinced and have warned of severe dryness in the autumn months.
The agency has also downplayed the El-Nino factor, saying the chances of the phenomenon affecting rainfall were remote.
A record production of pulses, oilseeds and coarse cereals is expected on higher acreage under these crops.
According to IMD, the revival of monsoon rains in the grain bowl of northwest and central regions should help speed up the sowing of main summer crops.
The agriculture sector posted two straight quarters of negative growth of 1.1 per cent each to March.
Allaying fears of food prices going up due to deficient rains he said that there are adequate stocks available.
- RBI MPC: Inflation likely to rise in Q2, says Governor Shaktikanta Das
- Real GDP growth to remain negative in H1, full fiscal: RBI Gov Shaktikanta Das
- India needs to focus beyond rating agencies' opinion, says Former RBI guv Raghuram Rajan
- Mumbai rains: Highest rainfall of season in 12 hrs; stadium damaged, rescue teams readied
- Ram Temple in Ayodhya: Despite opposition, ad runs in Times Square
- Asus ROG Zephyrus G14 with up to AMD Ryzen 9 4900HS launched in India, price starts at Rs 80,990
- Flipkart Big Saving Days sale has iPhone SE 2020 at Rs 5,500 off but you can get even more discount
- Google brings in Link Previews and Smart Compose feature for Android and iPhone users
- Google deletes over 2,500 China-linked YouTube channels over disinformation
- Realme 6i sale today on Flipkart, Realme Store: Should you buy it?