Animal Husbandry

Reserve Bank of India Announces Modalities for 2 percent Interest Subvention for Animal husbandry, Fisheries Farmers

animal

Reserve Bank of India has announced modalities for offering 2% interest subsidy on short-term loans of up to Rs 2 lakh for farmers who are engaged in animal husbandry and fisheries through Kisan Credit Card or KCC. With this interest subvention, farmers would get short-term loan of up to Rs 2 lakh at a concessional rate of 7%. It must be noted that the interest subsidy scheme is valid for loans taken in 2018-19 & 2019-20.

Farmers who pay the loans on time will be eligible for another 3% discount on the interest rate.

The RBI said this also means that the farmers paying back promptly will get short-term loans at the rate of 4% per annum during 2018-19 & 2019-20.

fisheries

It further said that the interest subvention will be offered on a maximum limit of Rs 2 lakh short-term loan to cultivators involved in fisheries and animal husbandry.

The farmers already holding KCC (crop loan) and involved in fisheries and animal husbandry activities can avail a sub-limit for such activities.

RBI said, "However, the interest subvention & prompt repayment incentive benefit on short-term loan (crop loan plus working capital loan for animal husbandry & fisheries) will be available only on an overall limit of Rs 3 lakh /annum & subject to a maximum limit of Rs 2 lakh / farmer involved in activities only related to animal husbandry and or fisheries”.



Share your comments


Subscribe to newsletter

Sign up with your email to get updates about the most important stories directly into your inbox

Organic Farming Association of India
MRF Farm Tyres