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Recent developments on Agricultural Credit

Recent developments on Agricultural Credit

  • Kisan Credit Card (KCC) scheme
  • KCC scheme was introduced in August 1998 to provide short and medium term loans to the farmers for their cultivation needs, including the purchase of all inputs.
  • The scheme includes reasonable component of consumption credit and investment credit within the overall credit limit sanctioned to the borrowers. The scheme has also been extended to the borrowers of the long-term cooperative credit structure to address all the loan requirements of the borrowers of State Cooperative Agriculture Rural Development Bank (SCARBDs) under KCC scheme.
  • The KCC scheme is being implemented by the commercial banks, RRBs and Co-operative banks, with their proportional contribution being about 39%, 13% and 48% respectively.
  • Holders of the KCC are also automatically covered under accident insurance cover against death or disability.
  • A revised KCC scheme was introduced in March 2012 in which the KCC passbook has been replaced by an ATM-cum-debit card to all eligible and willing farmers in a time-bound manner.  Recent developments on Agricultural Credit

Agriculture Debt Waiver and Debt Relief Scheme 2008 –

  • In the Union Budget 2008-09, the Government announced a scheme of agricultural debit waiver and debt relief for farmers with the total value of overdue loans being waived estimated at Rs. 50,000 crore and one-time settlement (OTS) relief on the overdue loans at Rs. 10,000 crore for implementation by all Scheduled Commercial Banks (SCBs), RRBs and cooperatives.
  • Recent developments on Agricultural Credit

ALSO READ : https://www.brainyias.com/agricultural-credit-cooperative-credit-societies/

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