Target of Agriculture
Credit of 8 Lakh Crore For 2014-15
The Finance Minister Shri P. Chidambaram
has set a target of Rs 8 lakh crore of Agriculture credit for the year 2014-15.
Presenting the Interim Budget in the LokSabha today, The Union Finance Minister
P. Chidambaram said that the banks will exceed the target of Rs7 lakh crore of
Agriculture credit fixed for the current year i.e 2013-14.
The Finance Minister also announced that the interest subvention scheme shall continue in 2014-15. Under this scheme, a subvention of 2 percent and an incentive for 3 per cent for prompt payment is provided. This reduces the effective rate of interest on farm loans to 4 per cent. An amount of Rs 23,924 crore has been released under this scheme so far.
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