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Garuda Kisan receives 150 agri drone loans from UBI

Published on January 15, 2023
Current Context: The Union Bank of India and India's top drone company, Garuda Aerospace, have announced their collaboration. About 150 Garuda Agri Kisan drones have been approved for drone loans under the Kisan Pushpak Scheme due to the agreement.
Garuda Kisan receives 150 agri drone loans from UBI
  • The drone loan will assist farmers in spraying pesticides, fertilizers, chemicals, growth promoters, and other crop-related sprays while digitizing land record activities. The collaboration will help with lead generation, customer acquisition, application sourcing, and customer due diligence for credit deployment.
  • The UBI has introduced the Union Kisan Pushpak Scheme to finance the use of Kisan Drones for crop production, the application of fertilizers, chemicals, growth boosters, pesticides, and other tasks that help farmers increase crop yield and increase their income.
  • 150 drone applications that will help farmers will be funded by the AIF program, which will also train 150 skilled pilots to launch their own businesses and increase farmers' income. Garuda Aerospace is providing free training to 1 lakh kids and hopes to sell 5,000 drones by the end of March 2023.
  • The ILAIF Scheme has approximately Rs 1 lakh crore, of which Rs 1,000 crore has been allocated to drones, and the Garuda Kisan drone is the first to receive the Agri drone loan in July 2022 from Union Minister of Agriculture and Farmer Welfare Narendra Singh Tomar.
  • The AIF loans have no collateral requirements, a maximum loan amount of Rs. 10 lakhs, three months of EMI forgiveness, and a 5 percent interest rate for farmers and young people.
  • Union Bank of India (UBI)
    • Managing Director (MD) & Chief Executive Officer (CEO) - A. Manimekhalai
    • Headquarters - Mumbai, Maharashtra
    • Establishment-1919

Question:

Q.1 Garuda Aerospace collaborated with which bank for a 150 drones loan?
a. SBI
b. Union Bank of India
c. Axis Bank
d. HDFC Bank
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