Kisan Credit Card: 2.5 crore farmers will get a mortgage of two lakh crore rupees

by Jeremy Spirogis
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New Delhi. The authorities on Thursday addressed the considerations of farmers who’re dealing with troublesome occasions amid the coronovirus disaster within the nation. Union Finance Minister Nirmala Sitharaman, whereas making her second press convention on the bundle of Rs 20 lakh crore, made many huge bulletins for the farmers. He knowledgeable that 2.5 crore farmers can be given a mortgage of two lakh crore rupees via Kisan Credit Card. The Finance Minister mentioned that other than the farmers engaged within the agriculture sector, cattle rearers and fishermen may even be capable to benefit from this facility. This aid can be given to them via Animal Farmers Credit Card. With this step of the Finance Minister, farmers will be capable to get institutional loans at a reduced charge of curiosity. <! –

                 A particular marketing campaign can be launched to supply backed mortgage to PM-Kisan beneficiaries via Kisan Credit Card.

Kisan Credit Card Scheme is 22 years outdated

The Kisan Credit Card Scheme was launched in 1998. Under this scheme, farmers get curiosity on the charge of Four per cent for six months and seven per cent each year. On repaying the mortgage inside one yr, there’s a 3% low cost on the rate of interest. With this Kisan Credit Card, farmers may insure their crop. For some purpose, farmers are additionally compensated for crop injury, together with floods and droughts. Under this scheme, loans as much as Rs Three lakh might be taken for five years.

Relief given to farmers

The Finance Minister additionally gave particulars of what reliefs have been given to the farmers within the final 2 months. He informed that Three crore farmers took benefit of the aid given on Three months EMI on a mortgage of Rs. 4.22 lakh crore. Interest subvention (IS) and early reimbursement incentive (PRI) on crop loans have been prolonged until 31 May. Apart from this, 25 lakh new 25 lakh new Kisan Credit Cards have been issued with a complete mortgage restrict of Rs 25000 crore. At the time of Corona, 63 lakh loans have been sanctioned for the agricultural sector, totaling Rs. 86,600 crore. Under the Rural Infrastructure Development Fund, Rs 4200 crore was offered to the states.

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