NABARD releases Rs 20,500 crores of funds for Kharif and pre-monsoon operations

On May 18, 2020, the National Bank of Agriculture and Rural Development (NABARD) released Rs 20,500 crores. The funds will act as front-loading resources to the cooperative banks and the Regional Rural Development Banks (RRBs).

Highlights

The funds have been released to help farmers in Kharif operations and also in their pre monsoon preparations. Of the allocated amount, Rs 15,200 crores is to be provided through cooperative banks and Rs 5,300 crores through RRBs.

The Indian Meteorological Department recently announced that the Indian Monsoon is to begin on June 5. Hence, the advance releasing of funds will help farmers in receiving loans from the RRBs and cooperative banks.

Kisan Credit Card

The banks have initiated the Kisan Credit Card Scheme. During the months of lock down, around 12 lakh new credit cards were provided to the farmers.

The scheme was introduced in 1998. It aims to provide adequate credit support to the farmers. It was extended to non-farming activities in 2004. The scheme is implemented by RRBs, Commercial banks, Small Finance Banks and Cooperatives.

Atma Nirbhar Bharat Abhiyan

It is to be noted that the Atma Nirbhar Bharat Abhiyan that was recently launched by PM Modi allocated Rs 30,000 crores for NABARD.

Month: Current Affairs - May, 2020