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In store for farmers: ₹30,000 cr additional emergency working capital funding, ₹2 lakh cr concessional credit

Union Finance Minister Nirmala Sitharaman, who addressed a press conference to share details of the economic package, announced ₹30,000 crores Additional Emergency Working Capital Funding through NABARD.

India TV Business Desk India TV Business Desk
New Delhi Updated on: May 14, 2020 17:52 IST
FILE
Image Source : PTI

FILE

The government on Thursday addressed concerns of the farmers who are facing a hard time amid the coronavirus crisis in the country. Union Finance Minister Nirmala Sitharaman, who addressed a press conference to share details of the economic package, announced ₹30,000 crores Additional Emergency Working Capital Funding through NABARD. It will extend the additional refinance support of ₹30,000 crores for crop loan requirements of rural co-op banks and RRBs. The finance minister also announced Rs 2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards. 

₹30,000 crore Additional Emergency Working Capital Funding: DETAILS

- This is over and above ₹90,000 crores to be provided by NABARD through the normal refinance route during this year.

- Front-loaded on-tap facility to 33 state co-operative banks, 351 district co-operative banks and 43 RRBs available on tap based on their lending

- To benefit around 3 crore farmers - mostly small and marginal farmers

- To meet post-harvest (Rabi) and current Kharif requirement in May/June

₹2 lakh crore concessional credit boost to 2.5 crore farmers through Kisan Credit Cards: DETAILS

- Special drive to be undertaken to provide concessional credit to PM-KISAN beneficiaries through Kisan Credit Cards

- Fishermen and Animal Husbandary farmers will also be included in this drive

- This will enable such farmers to gain access to institutional credit at a concessional interest rate

- 2.5 crore farmers will be covered and will benefit from the credit flow of about Rs 2 lakh crores.

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