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Credit boost of 2 lakh cr for 2.5 cr farmers through Kisan Credit Cards: Sitharaman

Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Sohini Sarkar
May 14, 2020 06:34 PM IST

This move by the Centre will enable farmers to gain access to institutional credit at concessional interest rate. Across the country about 2.5 crore farmers will be covered and will benefit from credit flow of about ₹2 lakh crore. At least, 25 lakh new Kisan Credit Cards are in the pipeline for small and marginal farmers, the minister indicated.

Finance Minister Nirmala Sitharaman on Thursday announced concessional credit boost worth 2 lakh crore to 2.5 crore farmers through Kisan Credit Cards issued by the government.

At least 3 crore marginal farmers have already availed <span class='webrupee'>₹</span>4 lakh crore of loans on concessional rates in the last few months.(HT PHOTO.)
At least 3 crore marginal farmers have already availed 4 lakh crore of loans on concessional rates in the last few months.(HT PHOTO.)

“A special drive will be undertaken to provide concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards. Fishermen and Animal husbandry farmers will also be included in this drive,” the finance minister said.

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This move by the Centre will enable farmers to gain access to institutional credit at concessional interest rate. Across the country about 2.5 crore farmers will be covered and will benefit from credit flow of about 2 lakh crore. At least, 25 lakh new Kisan Credit Cards are in the pipeline for small and marginal farmers, the minister indicated.

ALSO READ | Free food grain supply for 8 crore migrants for next 2 months: Nirmala Sitharaman

Government agency NABARD will also extend additional re-finance support of 30,000 crore for crop loan requirement which farmers can avail through Rural Co-operative banks and RRBs.

“Interest subvention and prompt repayment incentive on crop loans due from March 1 has been extended to May 31,” the finance minister said.

Sitharaman said that 3 crore marginal farmers have already availed 4 lakh crore of loans on concessional rates in the last few months.

The Finance Minister on Thursday announced the second tranche of the 20 lakh crore economic stimulus package focussing on migrants, street vendors, traders, self-employed people and small farmers. In a major step by the Union government, the minister also announced free food grain supply to all migrant labourers who are non–card holders or do not fall under the Food Security Act amounting to an expenditure of 3,500 crore by the Centre for the next two months.

This is the second phase of announcements by the Union Finance Ministry elaborating on the Centre’s 20 lakh crore economic stimulus package.

A day earlier, Sitharaman had said that over the next few days, the finance ministry would hold daily media briefings to put forth Prime Minister Narendra Modi’s vision and share more details on the economic package meant to revive the industry grappling with a 51-day nationwide lockdown. The lockdown had been imposed towards the end of March to contain the spread of the Covid-19 pandemic.

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