Agricultural loan crosses Rs 20 lakh crore by January in the current financial year
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New Delhi: During the last 10 years of Narendra Modi government’s tenure, bank loans in the agriculture sector have increased rapidly. Banks have disbursed Rs 20.39 lakh crore as loans during the April-January period of the current financial year 2023-24, while loans worth Rs 7.3 lakh crore were given to farmers in the entire 2013-14. A senior officer gave this information. The government had set the agricultural credit target at Rs 20 lakh crore in the budget for the financial year 2023-24.
Banks have already crossed the target and this figure may cross Rs 22 lakh crore in this financial year. The Agriculture Ministry has implemented an interest subvention scheme for short-term crop loans up to Rs 3 lakh to provide agricultural loans to farmers at a low interest rate of 7 percent per annum. Under the scheme, banks are given an interest rebate of 2 percent per annum on the utilization of their resources. Apart from this, 3 percent additional incentive is given to the farmers on timely payment of loan, due to which the interest rate reduces to 4 percent.
The post Agricultural loan crosses Rs 20 lakh crore in the current financial year by January appeared first on Dainik Savera Times | Hindi News Portal.
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