 "Interest subvention on KCC crop loan to continue in FY23, FY24: RBI")
Reserve Bank of India (RBI) on Wednesday said the interest rate for short-term loans upto Rs 300,000 through Kisan Credit cards (KCC) will be seven per cent and interest subsidy will be 1.5 per cent for the current financial year (FY23) and next financial year (FY24).
The farmers who repay loans promptly will get an additional three per cent subsidy. Thus, the interest rate charged to these farmers will be four per cent.
The farmers who repay loans promptly will get an additional three per cent subsidy. Thus, the interest rate charged to these farmers will be four per cent.
These loans will be short-term crop loans and short-term loans for allied activities including animal husbandry, dairy, fisheries, beekeeping etc. The government of India has approved the continuation of the Interest Subvention Scheme (ISS) with modification for the financial years 2022-23 and 2023-24, RBI said.
The subvention will be provided to lenders including Public Sector Banks (PSBs) and Private Sector Banks (rural and semi-urban branches), Small Finance Banks (SFBs) and computerized Primary Agriculture Cooperative Societies (PACS) on use of their own resources, it added.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%