Rs 2 lakh crore credit boost to 2.5 crore farmers under Kisan Credit Card Scheme
- Finance Minister Nirmala Sitharaman on Thursday announced concessional credit boost worth Rs 2 lakh crore to 2.5 crore farmers through Kisan Credit Cards issued by the government.
- A special drive will be undertaken to provide concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards. Fishermen and Animal husbandry farmers will also be included in this drive.
- Centre will enable farmers to gain access to institutional credit at concessional interest rate.
- the country about 2.5 crore farmers will be covered and will benefit from credit flow of about Rs 2 lakh crore.
- 25 lakh new Kisan Credit Cards are in the pipeline for small and marginal farmers, the minister indicated.
About Kishan Credit Card-
- TheKisan Credit Card (KCC) scheme is a credit scheme introduced in August 1998 by Indian banks. This model scheme was prepared by the National Bank for Agriculture and Rural Development (NABARD) on the recommendations of R.V.GUPTA committee to provide term loans for agricultural needs.
- Its objective is to meet the comprehensive credit requirements of the agriculture sector and by 2019 for fisheries and animal husbandry by giving financial support to farmers.
- The scheme has short term credit limits for crops, and term loans.
- KCC credit holders are covered under personal accident insurance up to ₹50,000 for death and permanent disability, and up to ₹25,000 for other risk.
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