The Prime Minister Narendra Modi-led Cabinet today in a meeting held in Delhi has cut interest rates on farmers’ loans by as much as 4 per cent. Earlier the rate of interest was 9% and it has now been reduced to 5% on loan up to Rs 3 lakh limit, according to an ABP News report.
The Union Cabinet has cleared the interest subvention scheme for farmers, as reported by ANI. This decision by the Union Cabinet has come in a time when the farmers in various parts of India are protesting to get their farm loans waived with Maharashtra and Madhya Pradesh taking the front on the issue.
Further, the Cabinet has decided that the crop loans of up to Rs 3 lakh will be made available to the prompt payee farmers at 4% interest rate only. The Cabinet has also approved the total expenditure of Rs 20,339 crore in the current financial year as Interest subsidy on short-term crop loans, according to ANI.
To read full article 🔗- https://goo.gl/rRK2j6