Center directs banks to issue Kisan Credit Cards within 2 weeks of submitting application

Center directs banks to issue Kisan Credit Cards within 2 weeks of submitting application

  • The central government has asked the banks to issue Kisan Credit Cards (KCC) to eligible farmers within 2 weeks of submitting the application.

  • Currently, there are 6.95 crores active KCCs, under which crops loans are given at a subsidized interest rate.

Benefit of loan under KCC:

Normally, farm loans attract an interest rate of 9%. However, the government provides an Interest Subvention (subsidy) of 2% up to loans of Rs 3 lakh. Hence effective interest rate is 7%.

Points to remember:

  1. Govt. has directed banks to issue KCC within how many weeks?

Leave a Reply