Arunachal Pradesh Krishi Rinn Yojana – Govt. to Provide 0 Interest Crop Loan
The Arunachal Pradesh State Government is going provide the facility of Zero Interest Crop loan to the farmers of the state in order to ensure easy access to formal credit through banking channels under Arunachal Pradesh Krishi Rinn Yojana.
As per the notification of the Finance Department, the state government has all set to launch ‘Chief Minister’s Krishi Rinn Yojana’.
Under Chief Minister’s Krishi Rinn Yojana, the Arunachal Pradesh Government would provide interest assistance of 4% on crop loan/ Kisan credit card. Its limit will be limited up to Rs 3 lakh and it will be sanctioned by all banks to all farmers of the state during the current financial year.
According to the policy issued by RBI/NABARD, this interest assistance will be more than the assistance given by the Government of India to banks and the farmers.
The policy stated that an interest relief would also be given to the farmers the rate of 3% per annum. This relief will be given to those farmers who will immediately repay their short-term production credit (crop loan) within one year of disbursement/ draw of such loan. Actually, the farmers who have taken a loan upto Rs. 3 Lakh and has made timely payment will get access to zero interest credit facility.
As per the notification, the NABARD will work as a channel partner for reimbursement to banks against interest assistance amount claims in the prescribed format.
The notification stated that a certificate of area and crop being cropped issued by circle officer will be accepted as valid documents by banks for issuance of Kisan Credit Card (KCC).
Arunachal Pradesh State Government has set a target of 7500 farmers to provide benefits under crop loan under the scheme in the current financial year.
The State Government has also released instructions to the banks and district administrations to provide sufficient publicity to the scheme so that the farmers can avail the benefits.
News Source: http://www.arunachaltimes.in/govt-to-provide-zero-interest-crop-loan-under-cms-krishi-rinn-yojana/