Big changes in RBI Kisan Credit Card Scheme, farmers will get new benefits
Agency, New Delhi. RBI has issued draft instructions for changes in the Kisan Credit Card Scheme. It aims to increase coverage, simplify operational aspects and meet the emerging needs in the agriculture sector. RBI has sought advice from regulatory institutions, general public and other stakeholders on the draft guidelines (RBI draft guidelines KCC) by March 6.
What proposals did RBI give?
RBI has proposed to standardize crop season-wise duration to bring uniformity in loan sanction and repayment schedules. For short duration crops, the period has been fixed at 12 months, while for long duration crops, the period has been fixed at 18 months.
The central bank has also proposed to link the drawing limits of KCC with the scale of finance for each crop season to ensure that farmers get the right credit based on the actual cost of cultivation.
Apart from this, it has also been proposed to include the cost of soil testing, real-time weather forecasting and use of better methods of organic farming as components. These expenses will be included in the additional 20 percent component currently approved for repair and maintenance of agricultural equipment.
RBI Governor Sanjay Malhotra had announced this while announcing the monetary policy in February, after which these draft guidelines have been issued.
Also read- PM Kisan Yojana: Has that date arrived, the wait will end! 2-2 thousand will come into the account; What update came from the Ministry of Agriculture
Chyawanprash is a part of every Indian's life, it reduces diseases and increases energy.