Bangkok, BAAC provides loans to stimulate the rural economy in the first three quarters of fiscal year 2023, more than 600 billion baht, aiming to solve the problem of informal debt. Uplifting the community to generate income Expected end of fiscal year NPLs less than 5 percent Mr. Chatchai Sirilai, Manager of the Bank for Agriculture and Agricultural Cooperatives (BAAC), revealed that the operating results of the first 3 quarters of fiscal year 2023 (1 April - 31 December 2023) BAAC released loans to stimulate and economic development in the rural sector, 614,131 million baht, with outstanding loans of 1.66 trillion baht, an increase of 27,641 million baht from the beginning of the fiscal year, or 78.97% of the target, accumulated deposits of 1.82 trillion baht, assets of 2.24 trillion baht. Total liabilities were 2.09 trillion baht and owners' equity was 155 billion baht, and net profit was 6,197 million baht, slightly lower than the target, while NPLs of 5.43 percent continued to decrease. It is expected that by the end of the fiscal year it will fall below 5 percent as targeted. In fiscal year 2023, BAAC aims to drive forward its mission to become the center of agriculture. Creating new growth in the Smart Farmer Agri-Tech and Startup groups in expanding agricultural business, production, and design to create Value Added to markets with high purchasing power. Stimulate employment, create careers, create income, and lead to managing and solving debt problems in the community. 8,889 customers and communities have been developed (out of a target of 6,080). Developing 181 Sufficiency Economy model communities under BCG principles. Developing financial and digital literacy. It has already promoted knowledge to 130,000 target customers. BAAC also places importance on solving debt problems and rehabilitating careers. Help farmers escape the debt trap in a sustainable way, such as debt restructuring measures. That is consistent with the potential and income in the problem debt group. Dividing the amortization of b oth principal and interest in the proportion of 50 : 50 can reduce debt by more than 43,189 million baht. Measures to pay principal and adjust installments, whereby the bank will adjust the new debt repayment schedule to be in line with the income and debt repayment potential of customers. More than 12,684 customers have joined the measures. Changing debt repayment behavior through the Pay Dee Mee Chok project Interest and principal, actually paid every 1,000 baht, will be given as benefits in a 2-tier sweepstakes, both regional and national, totaling 48,119 prizes, with a total value of 479 million baht, starting from 1 October 2023 - 30 June 2024, drawing a total of 4 prizes. Times: Consulting on management of both internal and external debt. Especially managing debt throughout the system. To reduce bad debt problems and build immunity for customers. Makes being in debt no longer a problem. Through the informal debt project Solving the problem of informal debt of more than 712,518 cases, amounting to more than 60,355 million baht In terms of missions, according to BAAC government policy, supporting management costs and developing product quality for rice farmers in the production year 2023/2024 by paying assistance directly into farmers' accounts of 50,532 million baht, 4.35 million farmers have benefited from the measures. in suspending debt payments to small farmers with total debt outstanding on every contract as of September 30, 2023, not exceeding 300,000 baht. Currently, there are more than 1.68 million customers who have requested to review their rights to participate. Payments to help sugarcane farmers cut fresh sugarcane to reduce PM 2.5 have already reached 7,412 million baht. Helping 120,000 farmers During the last quarter of fiscal year 2023 (1 January - 31 March 2024), BAAC also aims to promote farmers' access to funding sources. Reduce the problem of oversupply of agricultural products in the market. Collaborating with educational institutions in the 1U1C (1 University 1 Community) format to de velop standards in agricultural product production and design along with promoting financial discipline. Community uplift Toward the full distribution of forest carbon credits through the official BAAC Carbon Credit program. In the beginning of February Starting at Ban Tha Li and Ban Daeng. Khon Kaen Province is the first, ready to expand to additional communities. Source: Thai News Agency
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BAAC aims to solve household debt problems
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