Cabinet approves interest subvention on crop loans

Written by: IANS
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New Delhi, July 21: The union cabinet, chaired by Prime Minister Narendra Modi, on Tuesday approved a scheme for interest subvention for public sector banks, private banks, cooperative banks, regional rural banks and NABARD for providing short-term crop loan to farmers, sources said.

They said this will enable these banks to provide short-term crop loans of up to Rs.3 lakh to farmers at 7 percent per annum during 2015-16.

Farmers to get easy loans now

The sources said the cabinet decided to provide interest subvention to small and marginal farmers having Kisan Credit Cards for loans against negotiable warehouse receipts post-harvest at 7 percent per annum interest for six months.


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