Banking System Rules: Big News! Finance Minister’s big announcement regarding banks, this change will happen in the banking system
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FM Nirmala Sitharaman: Many campaigns and facilities are being provided by the government and the Reserve Bank to improve the banking system across the country.
Now a lot of concern is being expressed by the Finance Minister about banks. Finance Minister Nirmala Sitharaman expressed concern over the slow progress of computerization of regional rural banks and asked for it to be expedited to provide better financial services in villages and towns.
Government has introduced Kisan Portal
After introducing the Farmer Loan Portal and the Weather Information Network Data System (WINDS) manual, Sitharaman said a lot of work remains to be done for the digitization of regional rural banks and cooperative banks.
Co-operative banks generally do not prosper
He said that co-operative banks are not uniformly prosperous and their financial health varies. The work to increase capacity in this sector is being done under the Ministry of Cooperation headed by Home Minister Amit Shah.
Cooperative banks will be digitized rapidly
The Finance Minister said that digitization of cooperative banks will happen at the required pace. However, he said that I am more concerned about RRBs, their digitization and computerization. So, if they do not have it, the phone banking facility…or the extension of internet banking facility…will not work.
Finance Minister gave this information
The Finance Minister said that there is still a lot of work left and the Financial Services Department is creating awareness about computerization at a fast pace. He said that during the Covid-19 pandemic and the lockdown imposed to prevent it, the villages kept the economy afloat and in view of this, the government is giving great importance to the farmers and agriculture sector.
Agriculture Minister said that farmers’ income has increased
On this occasion, Agriculture Minister Narendra Singh Tomar said that the income of farmers has increased due to various measures of the government. He said the budget allocation for the ministry has increased manifold since 2013-14 as the Prime Minister Narendra Modi-led government gives great importance to the sector.
Agriculture Minister talked about debt
Regarding short-term crop loans, Tomar said that there is no shortage of funds for this sector. The agricultural credit target for the current financial year has been pegged at Rs 20 lakh crore with emphasis on animal husbandry, dairy and fisheries. Generally nine percent interest is charged on agricultural loans. However, the government is providing interest subvention to provide short-term crop loans at affordable rates and help boost agricultural production.
Will get a loan of Rs 3 lakh
To ensure short-term agricultural loans up to Rs 3 lakh to farmers at an effective rate of seven per cent per annum, the government is providing two per cent interest subsidy.
Finance Minister talked about KCC
Regarding Kisan Credit Card (KCC), Sitharaman said banks should provide all necessary data by December 31, 2023 for the ‘Kisan Loan Portal’ to help farmers get subsidized loans under the KCC scheme. . He also asked Vivek Joshi, Secretary, Department of Financial Services, to ensure that banks provide all the data within the stipulated time.
This campaign will start from October 1
The Finance Minister announced the launch of KCC campaign to take Kisan Credit Card Scheme to every household. This campaign will be launched on 1 October 2023.
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