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India’s Central Bank RBI has Modified Eligibility Criteria

Published on May 20, 2022
Current Context: Due to licensing and authorization-related requirements subjecting to fishing and aquaculture are getting varied from State to state that RBI has made few changes to eligibility criteria.
India’s Central Bank RBI has Modified Eligibility Criteria
  • According to the recent notification, the respective beneficiaries must own or lease any fisheries-related assets such as ponds, tanks, open water bodies, raceways, hatcheries, rearing units, etc must possess authorization from their respective states.
  • Initially, Kisan Credit Card Scheme was designed for agricultural farmers later this was extended to Animal Husbandry and Fisheries to provide timely credit and meet their capital requirements.
  • Those farmers who were KCC holders for fisheries have a credit limit of INR 2 lakh. Interest subvention is also provided at 2% per annum on the timely disbursal of the loan and additional interest subvention at 3% per annum if they do prompt repayment.
  • This capital facility is provided for all working capital components in fisheries, including recurring costs towards seed, feed, organic and inorganic fertilizers, lime/other soil conditioners, harvesting and marketing charges, fuel/electricity charges, labor, lease rent, etc.
  • Apart from that Experts from the Fisheries and Animal Husbandry departments, will provide technical inputs for assessing the cash credit requirement.

Question:

Q.1 What percentage of Interest is provided under the Kisan credit card scheme if the farmers do prompt repayment?
a. 2.5%
b. 3%
c. 3.2%
d. 2%
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