Sure, here’s an article on Kisan Credit Card interest waiver information:
In response to the ongoing COVID-19 pandemic and resulting economic crisis, the Indian government has announced a series of relief measures for farmers, including an announcement regarding the Kisan Credit Card Scheme.
The Kisan Credit Card (KCC) Scheme is a government program designed to provide affordable credit to farmers. Under the scheme, farmers can avail of credit facilities for various agricultural purposes, such as farming, animal husbandry, fisheries, and so on.
One of the major announcements regarding the KCC Scheme is the waiver of interest for a six-month period. The Union Agriculture Minister, Narendra Singh Tomar, recently announced that the government has decided to waive off interest on KCC loans for a period of six months, effective from April 1, 2020. This waiver is applicable to all KCC loans that have a due date between April 1 and September 30, 2020.
This move is expected to provide relief to farmers who have been adversely affected by the pandemic and related lockdowns. By waiving off interest, the government hopes to ease the financial burden on farmers and provide them with much-needed liquidity during these challenging times.
Furthermore, the government has urged banks to take proactive measures to ensure that farmers are able to avail of the KCC Scheme without facing any procedural hurdles. Banks have been asked to simplify the process of applying for the KCC Scheme, reduce paperwork, and speed up the disbursement of loans.
In addition to the interest waiver, the government has also announced other relief measures for farmers. For instance, the deadline for loan repayment for all farmers has been extended by three months. This extension is applicable to crop loans, microfinance loans, and KCC loans.
Moreover, farmers who have availed of short-term loans for agriculture will be able to avail of an additional 10% of the credit limit without any collateral. This move is expected to provide farmers with additional funds to mitigate any financial hardship caused by the pandemic and lockdowns.
In conclusion, the government’s decision to waive off interest on KCC loans for a period of six months is a welcome relief for farmers who have been facing financial difficulties due to the pandemic. By providing liquidity and easing procedural hurdles, the government hopes to support the agriculture sector and ensure that farmers are able to continue their vital work of producing food for the country.