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Cabinet Okays 3% Interest Subvention For Crop Loans

PUBLISHED BY: SURENDER KUMAR
JULY 22, 2015

   
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Cabinet Okays 3% Interest Subvention For Crop Loans

Cabinet Okays 3% Interest Subvention For Crop Loans

To ensure that the farmers get loans of up to Rs 3 lakh at 7% interest per annum, a 3 % interest subvention (subsidy) scheme has been approved by the Cabinet Committee on Economic Affairs (CCEA). An expenditure of Rs 18,110 crore has been approved  for 2015-16 for the subvention scheme on short-term crop loans to farmers making timely repayments.

While NABARD will receive Rs 2,332 crore, commercial banks are to be given the rest of the sanctioned amount. The scheme will also apply to those affected by natural calamities and for post-harvest loans taken by small and marginal farmers against negotiable warehouse receipts.

 



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