The Union Minister of Finance and Corporate Affairs Nirmala Sitharaman chaired a meeting to review business performance of the Karnataka Grameena Bank (KaGB) at Ballari, Karnataka yesterday. FM noted that the rationalisation of GST rates has opened new opportunities in rural areas due to increase in consumption, which is an indication of more funding by banks, the finance minister said. She also urged the rural banks to leverage this opportunity to cater the credit requirement in semi-urban and rural areas. The Union Minister said that capital requirement of some of the farmer producer organizations or FPOs are met by Development Financial Institutions and Government Departments. The working capital requirements should be fulfilled by the Banks. Rural bank should upgrade its products and services as per the convenience and demand of Farmer Producer Organisations, the Minister emphasized.

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