Kisan Credit Card

Loans being given to farmers under the Centre's Kisan Credit Card Scheme will be extended to fisherfolk as well, Union Minister Parshottam Rupala said here on Monday. The Union Minister of Fisheries, Animal Husbandry and Dairying was speaking at an event to mark the third phase of the 'Sagar Parikrama' initiative at Satpati. "Under the Pradhan Mantri Matsya Sampada Yojana, Prime Minister Narendra Modi has made available funds to the tune of Rs. 20,000 crore. Moreover, 7 per cent loan under Kisan Credit Card scheme will be given to fishermen as well," he said.

Central bank to consider findings of pilot projects before decision, he says

Project aims to prune costs and turn-around time for borrowers, will entail automation of various processes within banks and integration of their systems with those of service providers

To transform rural credit delivery system, the Reserve Bank has decided to launch pilot projects to digitise Kisan Credit Card (KCC) in Madhya Pradesh and Tamil Nadu. Based on the learnings from the pilot, it is planned to expand the digitalisation of KCC lending to other districts in these two states and gradually across the country, the RBI said in a statement. The pilot project would entail automation of various processes within banks and integration of their systems with the service providers, it said, adding, the proposed digitalisation of the KCC lending process will make it more efficient, reduce costs for borrowers and reduce turn around time (TAT) significantly. The TAT from loan application to disbursement has also been rather high, ranging from two to four weeks. Rural credit is closely related to inclusive economic growth, as it caters to the requirements of agriculture and allied activities, ancillary industries, small businesses, etc. At present, it said, the process

Government data indicates that less than 40 per cent of MSMEs borrow from the formal financial system

In order to provide short term crop loans up to Rs 3 lakh to farmers at an interest rate of 7 per cent per annum, the government offers interest subvention of 2 per cent annually to banks

Union Minister of State for Fisheries, Animal Husbandry & Dairying, L Murugan has said that Kisan Credit Card Scheme will be extended to fishermen to provide them loans at low interest rates.Addressing 'Fishermen Convention' organised by Kerala Pradesh Fishermen Group (BMS) at Munambam in Kochi on Monday, the minister said that the commitment of the Central government towards the fishermen was evident in the fact that it has created a separate department for Fisheries and set apart Rs 20,000 crore for the Aatmanirbhar Bharat Campaign.The MoS said, "For the first time in independent India, Prime Minister Narendra Modi has sanctioned Rs 20,000 crore for fishermen in the Atmanirbhar Bharat project."He added that the government has earmarked Rs 7.5 crores to set up integrated fishermen villages with schools, healthcare facilities, etc.He further announced that the fuel subsidy for the fisherman will continue and said that the Union government has sanctioned Rs 246 crore for ...

Union Minister Parshottam Rupala on Sunday said the Centre will soon start a massive campaign to raise awareness about the Kisan Credit Card (KCC) for fishermen in the country

The standard operating procedures (SOPs) for extending the benefits under the Kisan Credit Cards (KCC) to all fishermen were getting ready, Union Minister of State L Murugan said here on Sunday.

The department is coordinating with banks to remove their apprehensions about issuance of KCC to livestock and dairy farmers, he said

The Finance Ministry said banks have sanctioned over Rs 1 trillion concessional loans to Kisan Credit Card (KCC) holders to help farmers meet financial requirements during the COVID-19 crisis.

The maximum amount of guaranteed emergency credit line (GECL) funding under the scheme would also correspondingly increase from Rs 5 crore at present to Rs 10 crore

As part of the Rs 20.97 trillion stimulus package, the government had announced Rs 2 trillion of concessional credit through KCC to 25 million farmers

Medium units' turnover limit hiked to Rs 250 crore

Brings 25 million farmers under concessional loan scheme; experts say these measures do nothing to address basic problem of low farm prices and falling demand

Agriculture credit targets have also been enhanced from Rs 9 trillion in 2016-17 to Rs 13.5 trillion in 2019-20

However, not many cards could be distributed to fish farmers due to lack of awareness and delay in issuing RBI guidelines for implementation of this facility, sources said.

There were also deliberations on allowing farmers to take fresh loans even if they fail to repay exsiting ones, as long as they service the interest

Several public banks are now focusing on agriculture infrastructure credit, like warehouses and cold storages, while the growth in KCC loans remains muted

The welfare implications of this policy remain ambiguous and depend on whether 'access' to credit should be prioritised over 'expansion' of credit