Kisan Credit Card: Demand Made to Double KCC Limit & Reduce Interest Rate; 7 crore Farmers Likely to Get Relief amid Lockdown

Amid the nationwide lockdown, the farmers and daily wage earners are suffering almost every day in spite of several relief measures by the government. In view of the crisis on the rural economy, Kishan Shakti Sangh president Pushpendra Singh has demanded to reduce the interest rate and double the limit of KCC-Kisan credit card.  

Demanded to Reduce the KCC Interest  

Now farmers need to pay 4 per cent interest for the timely repayment of Rs. 3 Lakh. He has requested the government to take only 1 per cent interest rate for loan up to 6 Lakhs. As per reports, only seven crore farmers have access to KCC while 14.5 crore farmers are there in the country. In such a situation, if the government takes this step for the interest of agriculture and farmers, at least half of the country's farmers can overcome this crisis amid lockdown. 

The central government is already giving big discounts to farmers

The interest rate of loans up to three lakh rupees under KCC for farming and farming is per cent. But the government gives 2 per cent subsidy in it. In this way, it falls to 7 per cent. Farmers get 3% more discount during the return time. Now it is being demanded to make it one per cent. The advantage of this scheme is that it reduces the dependence of farmers on moneylenders and that’s how farmers can get the cheapest loan for agriculture.

Hence KCC scheme linked to PM Kisan Yojana

The Kisan Credit Card Scheme has been linked to the PM Kisan Samman Nidhi Scheme (PM-Kisan Samman Nidhi scheme). Since whoever has received 6000 rupees annually under PM-Kisan scheme, the details of revenue, Aadhaar and bank account are with the government. In this case, both schemes have been linked.

Union Minister of State for Agriculture Kailash Chaudhary says that the beneficiaries of Kisan Samman Nidhi need to go to the bank related to their account and submit the application for KCC, the Chief Managing Directors of the banks have been given necessary instructions in this regard by the Finance Department. Applicants will get the benefit within 14 days after the application.