“Mukhya Mantri Krishi Rinn Yojana” or “Chief Minister Krishi Rinn Yojana” is new scheme formulating by the state government of Arunachal pradesh. Under the scheme, the government will provide crop loans at zero interest rates for farmers in the state. The plan of launching zero interest crop loan scheme is to provide farmers easy access to formal credit through banks and insurance institutes.
Chief Minister Krishi Rinn Yojana
Under “Chief Minister Krishi Rinn Yojana” an interest subvention of 4 percent on crop loans would be provided to farmers and “Kisan Credit Cards” with a limit of up to 3 Lakh. The interest subventions scheme would be applicable on all loans sanctioned by all banks to all farmers of the state in the current financial year.
The interest subvention to be provided under the crop loan scheme by the state government would be over and above of the interest subvention given by the central govt. as per policy issued by RBI/NABARD.
The facility of zero interest crop loan would be provided to those farmers who make their loan payment timely and taken a loan up to Rs 3 lakhs. 3% interest subvention will be provided to the farmers who will repay their short term crop loan within one year of disbursement.
NABARD would act as channel partner and handle all the task of reimbursement of the subvention amount of crop loans to the banks.
A certificate of area and crop being cultivated issued by circle officer will be accepted as valid documents by banks for issuance of Kisan Credit Card (KCC).
Benefits under the Chief Minister Krishi Rinn Yojana would be provided to farmers availing KCC/ crop production loan from commercial banks, APRB and APSCAB Ltd at the same terms and conditions prescribed by RBI/ NABARD.
KCC loan application formats will be made available in the banks to apply for KCC/ short term crop loan. And application forms for the Kisan Credit Cards and crop loans scheme would be made available by the banks itself in the same format as currently used for KCC.
For the current financial year, state government of Arunachal Pradesh has set a target to provide scheme benefits to at least 7500 farmers.