Agricultural Credit Target Kept at Rs. 7 Lakh Crores
In the budget for 2013-14 presented by the Finance Minister Sh. P.
Chidambaram in Lok Sabha today, the agricultural credit target has been
increased to Rs. 7 lakh crores from the earlier Rs. 5.75 lakh crores. The
short-term crop loan scheme (Interest Subvention Scheme) has been extended to
the crop loans borrowed from private sector scheduled commercial banks in
respect of loans given in the service area of the branch concerned. Earlier the
scheme was applicable to loans extended by the Public Sector Banks, Regional
Rural Banks (RRBs) and Co-operative Banks.
Under this Interest Subvention Scheme, a farmer will be able to get loans at 4 per cent per annum if he repays the short-term crop loan on time.
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