TMI BlogBank Loan to FarmersX X X X Extracts X X X X X X X X Extracts X X X X ..... Bank Loan to Farmers - News and Press Release Dated:- 25-6-2019 - News - The Government of India fixes Agriculture Credit Disbursement Targets for the Banking Sector every year and banks have consistently surpassed these targets. State-wise details of Agriculture Credit Target fixed by the Government for the year 2019-20 is at Annexure I. State Level Bankers Committee (SLBC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), Maharashtra has reported that they are extending credit facilities, through various schemes products for agriculture lending to all eligible farmers across the country including farmers of Buldhana Parliamentary Constituency of Maharashtra. District-wise details of crop loan disbursements as on 15.06.2019 for the State of Maharashtra as reported by SLBC, Maharashtra is given at Annex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure II. The Government of India/ Reserve Bank of India (RBI)/ NABARD have, inter alia, taken the following major initiatives for providing hassle free crop loans to farmers of the country:- With a view to ensure availability of agriculture credit at a reduced interest rate of 7% p.a. to the farmers, the Government of India in the Department of Agriculture, Cooperation and Farm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers Welfare implements an interest subvention scheme for short term crop loans up to ₹ 3.00 lakh. The scheme provides interest subvention of 2% per annum to Banks on use of their own resources. Besides, additional 3% incentive is given to the farmers for prompt repayment of the loan, thereby reducing the effective rate of interest to4%. As per RBI directions, Domestic Scheduled Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mercial Banks are required to lend 18% of the Adjusted Net Bank Credit (ANBC) or Credit Equivalent to Off-Balance Sheet Exposure (CEOBE), whichever is higher, towards agriculture. A sub-target of 8% is also prescribed for lending to small and marginal farmers including landless agricultural labourers, tenant farmers, oral lessees and share croppers. Similarly, in the case of Regional Rural Banks 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8% of their total outstanding advances is required to be towards agriculture and a sub-target of 8% has been set for lending to small and marginal farmers. The Government has introduced the Kisan Credit Card (KCC) Scheme, which enables farmers to purchase agricultural inputs such as seeds, fertilisers, pesticides, etc. and draw cash to satisfy their agricultural and consumption needs. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... KCC Scheme has since been simplified and converted into ATM enabled RuPay Debit Card with, inter alia, facilities of one-time documentation, built-in cost escalation in the limit, any number of drawals within the limit,etc. Under the KCC Scheme, a flexible limit of ₹ 10,000 to ₹ 50,000 has been provided to marginal farmers (as Flexi KCC) based on the land holding and crops gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own including post-harvest warehouse storage related credit needs and other farm expenses, consumption needs, etc., plus small term loan investments without relating it to the value ofland. To enhance coverage of small and marginal farmers in the formal credit system, RBI has decided to raise the limit for collateral-free agriculture loans from ₹ 1 lakh to ₹ 1.6lakh. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The requirement of 'no due certificate has also been dispensed with for small loans up to ₹ 50,000 to small and marginal farmers, share-croppers and the like and, instead, only a self-declaration from the borrower is required. To bring small, marginal, tenant farmers, oral lessees, etc. into the fold of institutional credit, Joint Liability Groups (JLGs) have been promoted by b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anks. This was stated by the Union Minister of Finance Corporate Affairs, Smt. Nirmala Sitharaman in a written reply to a question in Lok Sabha - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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