Cabinet clears 5% interest subvention for crop loans

Interest Subvention Scheme (ISS) has been approved by the government for farmers for the year 2017-18. Now the farmers can avail short term crop loan up to Rs. 3 lakh which is payable within one year at only 4% per annum. The Government has reserved sum of Rs. 20,339 crore for this purpose.

Things to remember  
          NABARD and RBI will execute the Interest Subvention Scheme for one year.
  • The main aim of this scheme is to offer short term loan at an affordable rate which will increase the agricultural productivity and production in the country.
  • The revised interest rates will be provided to the Public Sector Banks (PSBs), Private Sector Banks, Cooperative Banks and Regional Rural Banks (RRBs) to use own funds and to NABARD for refinance to RRBs and Cooperative Banks.

Facts about Interest subvention scheme:
This scheme is been executed from 2006-07. Under this scheme the farmers can avail crop loans up to Rs.3 lakh at 7% rate of interest, which can be reduced to 3 % if prompt repayment of loan is paid.post harvest loans for storage is also available for 6 months for KCC holding small & marginal farmers. There have been a raise of short term crop  loan from Rs. 6,15,000 crore to Rs.6,22,685 crore in year 2016-17.

Comments

Post a Comment

Popular posts from this blog

Dhaka to open mission in Chennais

Bangladesh is moving ahead in opening a novice delicate mission in Chennai. The major objective of opening such mission is to focus on the medical advancement and educational institutions which attracts numerous Bangladesh residents to India each year. The decision to start a mission in Chennai was a component of a bilateral treaty between Bangladesh and India. Vital Facts:- During 2015-16, Bangladesh has been listed at the top for using India’s health facilities. Out of the total count of 4, 60,000 foreign patients those were medicated in Indian hospitals, almost 165,000 patients were from Bangladesh. India was revenue around $0.34 billion from the patients of Bangladesh during the period 2015-16. Maximum Bangladesh residents visit India as tourist to get medically fit.
Read more

Last minute essential tips for Civil Services Prelims(CSAT) Exam 2017

Image
UPSC 2017 Civil Services IAS Prelims Exam will be held on 18 th  June 2017 as announced by the commission in their official notification. The e-admit card has also been issued on 22 nd  May 2017 to all the respective appearing candidates. Just a few weeks are left for the exams, I hope that all the students are well prepared with their subjects. To help our students we have come up with few essential tips which when followed will surely deliver positive results. It becomes really difficult to manage your studies and preparatory schedule when the exam is just around the corner. Hope all the aspirants have tried to cover the maximum topics in the UPSC Syllabus. The following is the last  minute plan or a summary from their studies so far. UPSC Civil Services Prelims Exam: General Studies Paper I and General Studies Paper II During the last minute preparation, candidates should go through the important topics especially in General Studies Paper I as General Studies Pape
Read more

Centre mulls changing minimum wages formula

The Central Government is evaluating an alteration in the procedure to calculate the minimum wage that might elevate the income levels of the labors in the country. Labor and Employment Minister Mr. Bandaru Dattatreya , the head of the Central Advisory Committee on Minimum Wages assembled here and determined to form the board to carry forward the projected changes in the computation of minimum wages for labors. Responsibilities of the Committees The committee would focus on the following points while featuring a new formula for minimum wages- total number of members per family, an addition of doormat parents and handling of women and children with parity to the male family members. Highlights of the Indian Labor Conference in 1957 At present all the minimum wages are calculated based on the terminologies of the Indian Labor Conference in 1957 Under this summit, the minimum wage level is fixed by corporations for the expenditure of the labor community family -2700 calories of foo
Read more