- The scheme under the nomenclature of the Chief Minister's Micro Finance Initiative has been approved by the Government of Nagaland to provide affordable credit for carrying out economic activities.
- The objective of the scheme is to enhance farmers' income by increasing investments in agriculture and allied sector, improving agri-marketing networks and infrastructure, promoting credit discipline, and boosting private enterprise.
- The funding pattern for the scheme consists of beneficiaries' contribution of 10%, bank loan-60%, back ended subsidy by the Government of Nagaland-30%. The state government will also provide interest subvention of 4% to KCC loans and credit linkage to farmers, over and above 3% given by the government of India on prompt repayment of dues by the borrower.
- Under this scheme, a moratorium period of up to 6 months, a repayment period of up to a maximum of 7 years, and a maximum ceiling of 15 lakh will be given.
- Static Knowledge:
- CM of Nagaland - Neiphiu Rio
- Governor of Nagaland - Jagdish Mukhi
Question:
Q.1 Where did Nirmala Sitharaman and Neiphiu Rio launch Chief Minister's Micro Finance Initiative?
a. Kohima
b. Dimapur
c. Khonoma
d. Phek
a. Kohima
b. Dimapur
c. Khonoma
d. Phek
