New Delhi
Reserve Bank of India (RBI) has given big relief to the farmers. In view of the increasing expenses in farming, the Central Bank has increased the limit of loans to farmers without guarantee to Rs 2 lakh. Earlier the limit was Rs 1.6 lakh. The Agriculture Ministry has said in a statement issued on Saturday that this new limit will be effective from January 1, 2025. It is expected that crores of farmers will benefit from this scheme. RBI started giving loans to the agriculture sector without guarantee in 2010. Then the Central Bank announced to give one lakh rupees without guarantee. In 2019, the limit was increased to Rs 1.6 lakh. Now it has been increased once.
Small farmers will benefit greatly
Due to rising inflation in the agriculture sector, small and medium farmers had to face a lot of problems. Due to which his farming was getting affected. These farmers will benefit from the limit increased by the Reserve Bank. The farming people had very limited resources. In such a situation, farmers will benefit from this loan which is available without guarantee. “This step enhances loan access especially for small and marginal farmers (over 86% of the sector), the Agriculture Ministry said in its statement. These benefit from lower borrowing costs and removal of additional requirements.” This decision of the Central Bank is in line with government efforts like Modified Interest Subsidy Scheme (MISS). Which offers 4 percent interest to farmers on loans of Rs 3 lakh. These decisions are being taken in an effort to further strengthen India’s rural economy.
Money is received directly from the government
Farmers get three installments of Rs 2000 each in a year from the Central Government. Some state governments also pay farmers separately by adding something to this amount. Let us tell you, apart from this, cheap fertilizers are also provided to the farmers through subsidy.
