Rs 90000 Cr Sanctioned under Kisan Credit Card Scheme to the Farmers

As per the information provided by the Finance Minister, banks have sanctioned total amount of Rs 89810 Cr to about 11 million Kisan Credit Cardholders to help the farmers meet finances for Kharif sowing and allied activities.

This is part of the Rs 20.97 trillion stimulus package announced by the government and the government had announced Rs 2 trillion of concessional credit through the KCC scheme to around 25 million farmers, including the fishermen and those involved in animal husbandry under that overall relief scheme.

The data showed that there is an increase of Rs 26940 Cr over Rs 62870 Cr sanctioned to 703.2 million KCC holders till last month.

What is the Kisan Credit Card Scheme?

The Kisan Credit Card Scheme was first introduced in 1998 for providing adequate and timely credit support from the banking system under a single window with the flexible and simplified procedure to the farmers so that they can get support for cultivation support such as the purchase of seeds, fertilizers, pesticides, etc. It was also extended to all kinds of non-farm activities in 2004. It covers all kinds of post-harvest experience, marketing loan, consumption requirements of farmer household, working capital, etc.

Month: Current Affairs - July, 2020