Union Government extended Interest Subvention Scheme to banks

Cabinet also approved a Central Agricultural University at Samastipur and revival of Banana Research Centre at Goraul in Vaishali, Bihar.

Created On: Jul 22, 2015 11:22 IST

Union Government on 21 July 2015 extended Interest Subvention Scheme (ISS) to Public Sector Banks (PSBs), private sector commercial banks, rural regional banks (RRBs), cooperative banks and NABARD. It was extended to ensure availability of crop loans of up to 3 lakh rupees to farmers at 7 percent per annum.

The decision to continue interest subvention on short term crop loans was taken by the Union Cabinet chaired by Prime Minister Narendra Modi for the fiscal 2015-16. The Cabinet also approved an additional interest subvention of 3 percent per annum for those farmers who repay on time.

The government also decided to provide interest subvention to small and marginal farmers with Kisan Credit Cards (KCC) for loans against negotiable warehouse receipts post-harvest at annual interest of seven percent for six months.

The government will also give relief to farmers affected by natural calamities, where the interest subvention of two percent will continue to be available to banks for the first year on the restructured amount.

Besides, the Cabinet also approved a Central Agricultural University at Samastipur in Bihar. According to the approval, the existing agricultural university at Pusa will be converted into an international level institution through strengthening of infrastructure, manpower and other provisions.

The cabinet also gave its in-principle nod for the revival of Banana Research Centre at Goraul in Vaishali, Bihar.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप


Related Stories

Comment (0)

Post Comment

3 + 0 =
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all