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Arunachal Pradesh to provide zero interest crop loan to farmers
In a bid to help the farmers, the Arunachal Pradesh government has decided to provide zero interest crop loan to farmers of the state. This in turn would provide the farmers with easy access to formal credit through banking channels.

The State Finance Department released a notification which stated that the government has launched the Chief Minister’s Krishi Rinn Yojana (CMKRY) to provide interest subvention of four per cent on crop loan/kisan credit card limit up to Rs 3 lakh sanctioned by all banks to all farmers of the state during the current financial year. This interest subvention is over and above the subvention given by the Centre to banks and the farmers as per policy issued by RBI and NABARD.

Upon repayment, the farmers will get an interest relief at the rate of 3 % per annum within one year of disbursement and drawal of such loan. Farmers who avail of loans up to Rs. 3 lakh and who make timely repayments will get zero interest credit facility.

The notification said NABARD will act as channel partner for reimbursement to banks against interest subvention amount claims in prescribed format.
Posted on: 2017-05-23 12:56:33





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