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LATEST NEWS UPDATES | Easier credit norms for small and marginal farmers -Zia Haq

Easier credit norms for small and marginal farmers -Zia Haq

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published Published on May 23, 2018   modified Modified on May 23, 2018
-Hindustan Times

Government’s decision is aimed to cut dependence of small and marginal farmers on usurious informal private lenders.

The government has streamlined lending norms in schemes such as the Kisan Credit Card to boost institutional credit flow to small and marginal farmers who make up over 90% of people engaged in agriculture and, as a class, are highly vulnerable to risks. The aim is to cut their dependence on usurious informal private lenders, an official said.

Under revised guidelines, standard security requirements, such as hypothecation of crops, now do not apply to loans of up to Rs1 lakh.

The change is also applicable to loans taken through the Kisan Credit Card, which allows land-holding farmers to meet short-term credit requirements.

“Banks have been advised to waive security requirement for agricultural loans and Kisan Credit Card limits of up to 1 lakh,” the official cited above said on condition of anonymity.

Institutional credit in the agriculture sector refers to all loans disbursed through scheduled commercial banks, cooperatives and regional rural banks. Farmers rely on agricultural credit to purchase various inputs, from fertilizers to irrigation equipment. The 2018-19 Union budget raised the target for farm credit by 10% to Rs11 lakh crore.

Under the Kisan Credit Card scheme, small farmers can also avail of a “flexible limit” of between Rs10,000 and Rs50,000 for post-harvest warehousing needs and setting up of small-scale dairy and poultry farms. For this, branch managers, “based on their assessment,” have now been empowered to disburse the amount “without relating it to the value of land owned by the farmer,” the official added.

Small and marginal farmers as well as share-croppers, defined as non-land-owning cultivators, will also not be required to submit a “no dues” certificate by district authorities for new loans of up to Rs50,000. The step makes farmers already having an outstanding loan eligible for new small loans.

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Hindustan Times, 9 May, 2018, https://www.hindustantimes.com/india-news/easier-credit-norms-for-small-and-marginal-farmers/story-M61nKSKMS5Z30ruIz1BPQK.html


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