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Govt approves continuation of interest subvention scheme for short-term crop loans
11/23/2022 10:33:09 PM
MUMBAI, Nov 23: The government has approved the continuation of interest subvention scheme for short-term loans of up to Rs 3 lakh for agriculture and allied activities availed through Kisan Credit Card (KCC) during the current and the next fiscals. In order to provide short-term crop loans for agriculture and allied activities, including animal husbandry, dairy, fisheries, and bee keeping, up to an overall limit of Rs 3 lakh to farmers through KCC at concessional interest rate, the government provides subsidy to banks.
Under the scheme, farmers get loan at a concessional interest rate of 7 per cent. An additional interest subvention of 3 per cent per annum is provided to farmers who repay loans in time.
In a circular, the Reserve Bank said the rate of interest subvention to lending institutions will be 1.5 per cent for the years 2022-23 and 2023-24.
The subvention was 2 per cent for 2021-22 fiscal year.
RBI further said that to ensure hassle-free benefits to farmers under the interest subvention scheme, Aadhaar linkage would continue to be mandatory for availing the above mentioned short-term loans in 2022-23 and 2023-24.
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