Prime Minister Narendra Modi announced that government will bear interest for 60 days on crop loans taken by farmers from district cooperative banks and primary societies for sowing operations this Rabi season.
Modi also announced that the 3 crore ‘Kisan Credit Cards’ would be converted to RuPay Card within three months to help farmers purchase various inputs anywhere.
NABARD will be given an additional Rs. 20,000 crore to finance district cooperative banks and societies.
Farmers who had taken loan for the Rabi crop from district cooperative central banks and primary societies will not have to pay interest on such loans for a period of 60 days.
Farmers who have paid interest during the last two months will get this amount back directly in their bank accounts.
Arrangements are being made to provide farmers better access to loans from district cooperative banks and primary societies.