March 2017 Current Affairs

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Union Cabinet Approves Interest Subvention Scheme for farmers for year 2016-17

Union Cabinet Approves Interest Subvention Scheme for farmers for year 2016-17
06 July 2016 Current Affairs: The Union Cabinet has approved the Interest Subvention Scheme for farmers for the year 2016-17.  For this purpose Union Government has earmarked a sum of 18,276 Crore Rupees. 

The scheme will help farmers getting short term crop loan payable within one year up to 3 lakhs Rupees at only 4% per annum. Interest subvention for providing short term crop loan to farmers has been provided to Public Sector, Private Sector, Cooperative, Regional Rural banks and NABARD.

Features : Union Government will provide interest subvention of 5% per annum to all farmers for short term crop loan up to 1 year for loan upto 3 lakhs rupees for year 2016-17. Thus farmers will have to effectively pay only 4% as interest. In case they fail to repay loan in time they would be eligible for interest subvention of 2% as against 5% available above.

 Union Government will provide an interest subvention of 2% i.e an effective interest rate of 7% for loans upto 6 months to give relief to small and marginal farmers who borrow at 9% for the post-harvest storage of their produce. The interest subvention of 2% will be provided to Banks for the first year on the restructured amount in order to provide relief to the farmers affected by natural calamities.

Interest subvention is a form of waiver of some percentage of interest on loan given to promote some particular industry and general public interest. This implies that with the subsidy in hand, the loan borrower has not to pay total interest on loan amount and the balance interest amount will be borne by the government.


March 2017 Current affairs

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
NEWS
24 FEB
NEWS
23 FEB
NEWS
22 FEB
NEWS




January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS



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