The Finance Minister and Agriculture Minister are set to inaugurate the ‘Kisan Rin Portal’ on September 19. This portal aims to facilitate farmers in accessing subsidized loans through the Kisan Credit Card (KCC) scheme. Developed in collaboration with multiple government departments, the portal provides a comprehensive view of farmer data, loan disbursement details, interest subvention claims, and scheme utilization progress. It promotes seamless integration with banks to enhance agricultural credit efficiency. The KCC scheme, initiated in 1998 by NABARD, offers credit support to farmers for various needs, including crop cultivation, post-harvest expenses, and farm asset maintenance, with a credit limit of up to Rs 3 lakh.
Facts/Terms for UPSC Prelims
- Kisan Credit Card (KCC): A financial scheme introduced in 1998 by NABARD to provide farmers with easy access to credit for purchasing agricultural inputs, covering cultivation, post-harvest expenses, and more. It helps in streamlining credit for farmers.
- NABARD (National Bank for Agriculture and Rural Development): An apex development bank in India that focuses on supporting agriculture, rural development, and related activities, including the implementation of schemes like Kisan Credit Cards.
- Subsidized Loans: Loans offered at reduced interest rates or with financial incentives from the government to make borrowing more affordable for farmers.
- Commercial Banks: Financial institutions that provide various banking services to individuals and businesses, including the implementation of government-backed agricultural schemes like KCC.
- Personal Accidental Insurance: Insurance coverage provided to KCC holders, offering financial protection in case of accidents or disabilities, a feature designed to safeguard farmers’ interests while using credit.