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

by Jeremy Spirogis
Arvind Kejriwal condemned mob attack on Nankana Sahib Gurdwara

New Delhi. The authorities on Thursday addressed the issues of farmers who’re going through troublesome instances amid the coronovirus disaster within the nation. Union Finance Minister Nirmala Sitharaman, whereas making her second press convention on the package deal of Rs 20 lakh crore, made many massive bulletins for the farmers. He knowledgeable that 2.5 crore farmers will probably be given a mortgage of two lakh crore rupees by means of Kisan Credit Card. The Finance Minister stated that aside from the farmers engaged within the agriculture sector, cattle rearers and fishermen will even be capable to reap the benefits of this facility. This reduction will probably be given to them by means of Animal Farmers Credit Card. With this step of the Finance Minister, farmers will be capable to get institutional loans at a reduced fee of curiosity. <! –

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                 A particular marketing campaign will probably be launched to supply backed mortgage to PM-Kisan beneficiaries by means of 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Kisan Credit Card Scheme is 22 years outdated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 fee of Four per cent for six months and seven per cent every year. On repaying the mortgage inside one 12 months, there’s a 3% low cost on the rate of interest. With this Kisan Credit Card, farmers may also insure their crop. For some cause, farmers are additionally compensated for crop injury, together with floods and droughts. Under this scheme, loans as much as Rs Three lakh may 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 advised that Three crore farmers took benefit of the reduction 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 supplied to the states.

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