New Delhi [India], May 28 (ANI): The Union Cabinet on Wednesday accepted the continuation of the curiosity subvention element below the Modified Interest Subvention Scheme (MISS) for farmers for the monetary yr 2025-26, and accepted required fund preparations.
It is a Central Sector Scheme geared toward guaranteeing the supply of short-term credit score to farmers at an reasonably priced rate of interest via Kisan Credit card (KCC).
Under the Scheme: Farmers acquired short-term loans of as much as Rs 3 lakh via Kisan Credit Cards (KCC) at a sponsored rate of interest of seven per cent, with 1.5 per cent curiosity subvention supplied to eligible lending establishments.
Additionally, farmers repaying loans promptly are eligible for an incentive of as much as 3 per cent as Prompt Repayment Incentive (PRI) successfully decreasing their rate of interest on KCC loans to 4 per cent.
For loans taken completely for animal husbandry or fisheries, the curiosity profit is relevant as much as Rs 2 lakh.
No adjustments have been proposed within the construction or different parts of the scheme by the Cabinet.
“There are greater than 7.75 crores of KCC accounts within the nation. The continuation of this assist is vital to sustaining the stream of institutional credit score to agriculture, which is important for enhancing productiveness and guaranteeing monetary inclusion for small and marginal farmers,” the federal government stated in a press release.
Institutional credit score disbursement via KCC elevated from Rs 4.26 lakh crore in 2014 to Rs 10.05 lakh crore by December 2024.
Overall agricultural credit score stream additionally rose from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24.
“The Cabinet’s resolution reinforces the Government’s unwavering dedication to doubling farmers’ revenue, strengthening the agricultural credit score ecosystem, and boosting agricultural progress via well timed and reasonably priced credit score entry,” the assertion added. (ANI)
(The story has come from a syndicated feed and has not been edited by OXBIG NEWS NETWORK Staff.)
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