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Govt extends interest subvention scheme to banks to ensure availability of crop loans

Posted Date : 22-Jul-2015 , 08:06:56 am | Posted By CASANSAAR print Print
The government has extended interest subvention scheme to public sector banks, private sector commercial banks, rural regional banks, cooperative banks and NABARD to ensure availability of crop loans of up to 3 lakh rupees to farmers at seven per cent per annum. The sources said, the decision to continue interest subvention on short term crop loans was taken yesterday evening by the Union Cabinet for the current fiscal. The Cabinet also approved an additional interest subvention of three per cent per annum for those farmers who repay on time.

The sources added that the government also decided to provide interest subvention to small and marginal farmers with Kisan Credit Cards for loans against negotiable warehouse receipts post-harvest at annual interest of seven per cent for six months. They said, the government will also give relief to farmers affected by natural calamities, where the interest subvention of two per cent will continue to be available to banks for the first year on the restructured amount.

In another decision related to agriculture sector, the Cabinet approved a central agricultural university in Samastipur, Bihar. According to sources, the existing agricultural university at Pusa will be converted into an international level institution through strengthening of infrastructure, manpower and other provisions. Besides, the cabinet also gave its in-principle nod for the revival of banana research centre at Goraul in Vaishali, Bihar.

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