Kisan Credit Card: RBI has announced a big relief for crores of farmers of the country. The announcement made by the central bank will come into effect from the new year i.e. January 1. Under this, farmers will now be able to take more guarantee-free loans than before.
RBI Agriculture Loan: The central government is running various schemes to empower farmers economically. These include the government’s most ambitious scheme Pradhan Mantri Kisan Samman Nidhi as well as PM Kisan Crop Insurance Scheme. Finance Ministry officials had recently held a meeting with bank heads and asked them to provide maximum loans to farmers and help them in self-employment. Under this, RBI has taken a big step for the farmers. Yes, now farmers across the country will be able to get more loans than before without guarantee.
Limit of unsecured loan for farmers increased
The Reserve Bank of India (RBI) has increased the limit of unsecured loan for farmers from January 1, 2025. Yes, from the new year, farmers across the country will be able to take a loan of up to Rs 2 lakh from banks. Earlier, the limit under this was up to Rs 1.6 lakh. In this way, RBI has increased the loan limit of Rs 40 thousand for farmers. RBI has taken this step with the aim of helping small and marginal farmers amid the rising cost of farming.
More than 86 percent of the country’s farmers will benefit
The new directive asks banks across the country to waive collateral and margin requirements for agricultural and related loans up to Rs 2 lakh for each borrower. According to the Agriculture Ministry, this decision has been taken to improve the rising cost and loan access for farmers. The statement said that more than 86 percent of small and marginal landholder farmers will benefit greatly from this measure.
Banks should make as many customers aware as possible
Banks have been ordered to implement the related order expeditiously and make customers as aware as possible about the new loan rules. This move is expected to facilitate easy access to Kisan Credit Card (KCC) loans and will complement the government’s revised interest subsidy scheme. Under this scheme, the government gives loans up to Rs 3 lakh at an effective interest rate of 4 percent. More than 12 crore farmers of the country will be able to take advantage of the rule being implemented by the RBI.
6000 crore rupees are received every year
Let us tell you that under the PM Kisan Samman Nidhi scheme of the central government, about nine and a half crore farmers are given financial assistance of Rs 6000 annually. This money is given to the farmers in three installments of Rs 2000 each. This money is transferred by the government to the accounts of eligible farmers through DBT.
