Business

Cabinet Approves Interest Subvention On Crop Loans

NEWS WORLD INDIA | 0
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| July 22 , 2015 , 05:55 IST
[caption id="attachment_79803" align="aligncenter" width="700"]This funding will be in addition to the government's recent announcement of providing Rs 50,000 crore of loans to farmers over the next five years under the Pradhan Mantri Krishi Sinchai Yojana (PMKSY). Government said this will enable these banks to provide short-term crop loans of up to Rs.3 lakh to farmers at 7 percent per annum during 2015-16. (File Photo)[/caption] The union cabinet, chaired by Prime Minister Narendra Modi, on Tuesday approved a scheme for interest subvention for public sector banks, private banks, cooperative banks, regional rural banks and NABARD for providing short-term crop loan to farmers, sources said. They said this will enable these banks to provide short-term crop loans of up to Rs.3 lakh to farmers at 7 percent per annum during 2015-16. ALSO READ: NABARD Sanctions Rs 30000 Crore As Credit To Farmers For Irrigation The sources said the cabinet decided to provide interest subvention to small and marginal farmers having Kisan Credit Cards for loans against negotiable warehouse receipts post-harvest at 7 percent per annum interest for six months. ALSO READ: Are You Listening India? These Seven Farmers Are Seeking Permission To End Their Lives