Kisan Credit Card: RBI has announced a big relief for crores of farmers of the country. The announcement made by the central bank will come into effect from the new year i.e. January 1. Under this, farmers will now be able to take more guarantee-free loans than before.
The central government is running various schemes to empower farmers economically. Apart from the government’s most ambitious scheme Pradhan Mantri Kisan Samman Nidhi, PM Kisan Crop Insurance Scheme is also included in these. Finance Ministry officials had recently held a meeting with bank heads and asked them to provide maximum loans to farmers and help them in self-employment. Under this, RBI has taken a big step for the farmers. Yes, now farmers across the country will be able to get more loans than before without guarantee.
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The limit of unsecured loans for farmers has been increased
The Reserve Bank of India (RBI) has increased the limit of unsecured loans for farmers from January 1, 2025. Yes, from the new year, farmers across the country will be able to take loans up to Rs 2 lakh from banks. Earlier, the limit under this was up to Rs 1.6 lakh. In this way, RBI has increased the loan limit of Rs 40 thousand for farmers. RBI has taken this step with the aim of helping small and marginal farmers amid the rising cost of farming.
More than 86 percent of the country’s farmers will benefit.
The new directive asks banks across the country to waive collateral and margin requirements for agriculture and related loans up to Rs 2 lakh per borrower. According to the Agriculture Ministry, this decision has been taken to improve rising costs and access to credit for farmers. The statement said that this measure will greatly benefit more than 86 percent of small and marginal landholder farmers.
Banks have been ordered to implement the related order quickly and make customers as aware as possible about the new loan rules. This step is expected to facilitate easy access to Kisan Credit Card (KCC) loan and will complement the government’s revised interest subsidy scheme. Under this scheme, the government provides a loan of up to three lakh rupees at an effective interest rate of 4 percent. More than 12 crore farmers of the country will be able to take advantage of the rule being implemented by the RBI.
6000 crore rupees are received every year
Let us tell you that under the PM Kisan Samman Nidhi scheme of the Central Government, about nine and a half crore farmers are given financial help of Rs 6000 annually. This money is given to the farmers in three installments of Rs 2000 each. This money is transferred by the government to the accounts of eligible farmers through DBT.
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Being a discoverer of all current affairs and in-depth learnings of successful businesses and entreprises, Nelson finds passion in authoring business articles and blogs. He is the Content Curator at Newsbizkoot Business News which he is journeying into the most viewed business news media platform
