The Jharkhand government has undertaken a major target of linking over 25 lakh farmers with Kisan Credit Card (KCC) which entitles them to avail loans at seven per cent interest rate, and offers a waiver of 3 per cent of the interest by the Centre if the loan is repaid within the time limit. The government plans to achieve this target by the end of the current financial year.
“The fruition of the efforts made by the government is being reflected in the number of KCC holders as on September 15 stand at 19,18,511. An additional 5,34,331 new KCCs have got approval after September of 2021,” an official release mentioned.
The credit facility adds power to farming practices, while also freeing them from moneylenders. The government has so far sanctioned loans worth over Rs 900 crore, which is much higher than Rs 409 crore disbursed till December 2019 since the formation of the state.
“A target has been set to cover 22.50 lakh farmers with KCC by December 2022 as well as 25.50 lakh farmers are to be covered by March 2023,” the release mentions. “Keeping in mind the economic condition of the farmers of Jharkhand, the state government is also helping the farmers with an additional 3 per cent interest. In this way, if the loan is returned by the farmer within the time limit, the farmer has to bear the burden of only one percent interest,” it adds.
Published 27 September 2022, 17:31 IST