Kisan Credit Card: Good news is coming for farmers. The Narendra Modi government at the Center is considering increasing the Kisan Credit Card (KCC) loan limit. In fact, the Department of Financial Services under the Union Finance Ministry is actively working with the Ministry of Agriculture and Farmers Welfare to increase the Kisan Credit Card (KCC) loan limit and launch a scheme like Atmanirbhar Nidhi (PM-Svanidhi) for sharecroppers.
what is the detail
Recently, Additional Secretary of the Department of Financial Services MP Tangirala said – We are considering increasing the Kisan Credit Card loan limit, which was fixed three or four years ago. Let us tell you that the Kisan Credit Card (KCC) scheme was started in the year 1998. Its primary goal was to ensure that farmers get adequate and timely loans for their agricultural efforts. The maximum loan limit under this scheme is Rs 3 lakh. The outstanding loan in KCC accounts was Rs 9.81 lakh crore. Under this initiative supported by the Center, farmers are given an interest discount of 2% and a quick repayment incentive of 3%, which effectively reduces the interest rate to 4% per annum.
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what is the detail
Kisan Credit Card (KCC) Scheme was launched to ensure that farmers receive timely and adequate credit support from the banking system through a single window. This scheme is to assist farmers in their agricultural activities. Under this, short term loan requirements for crop cultivation are met. Apart from this, it helps in funding post-harvest expenses and meeting the consumption needs of farmer families.
RBI had announced
Last month, the Reserve Bank of India (RBI) announced the extension of the Modified Interest Subsidy Scheme (MISS) for short-term loans for agriculture and allied activities availed through Kisan Credit Cards within the current financial year. As a result, eligible farmers are now able to obtain loans up to Rs 3 lakh at concessional interest rates.