Cabinet approved Interest
Subvention to Bank on short-term crop loan to farmers…
The Union Cabinet chaired by the Prime Minister Shri Narendra
Modi has approved the Interest Subvention Scheme (ISS) for farmers for the year
2017-18. This will help farmers getting short term crop loan up to Rs. 3 lakh
payable within one year at only 4% per annum. The Government has
earmarked a sum of Rs. 20,339 crore for this purpose.
The
interest subvention will be given to Public Sector Banks (PSBs), Private Sector
Banks, Cooperative Banks and Regional Rural Banks (RRBs) on use of own funds
and to NABARD for refinance to RRBs and Cooperative Banks.
The
Interest Subvention Scheme will continue for one year and it will be
implemented by NABARD and RBI.
The
objective of the scheme is to make available at ground level, agricultural
credit for Short Term crop loans at an affordable rate to give a boost to
agricultural productivity and production in the country.
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