Farmers can continue to avail special interest rate till May 31, says RBI

The Reserve Bank of India (RBI) on Tuesday said farmers can continue to avail interest rate subvention of 2 per cent and preferential rate of interest of 3 per cent till May 31 for short-term loan installments falling due between March 1 and May 31, to help farmers not able to travel to bank branches for payment of their short term crop loan dues.

This will be applicable for short-term crop loans of up to Rs 3 lakh per farmer, the RBI said.