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The release stated that continuation of the support is critical to sustaining the flow of institutional credit to agriculture, which is vital for enhancing productivity and ensuring financial inclusion for small and marginal farmers.
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Kisan Credit Cards facilitate short term loans for 7.7 crore farmers, fishermen, and dairy farmers. The loan limit has been raised under Modified Interest Subvention Scheme.
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Talks are on to also conceptualise a PM-SVANidhi kind of scheme for tenant farmers
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Though the initiative for issuance of kisan credit card (KCC) has brought in some cheer among industry players, the segment under agri-credit has been under some stress lately.
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Additionally, the government will also facilitate the implementation of the Digital Public Infrastructure (DPI) for the agriculture sector.
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The total outstanding amount under the KCC scheme rose to Rs 8.85 lakh crore in 2023 from Rs 8.13 lakh crore in 2022.
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Under this initiative, farmers will be given credit for meeting their financial requirements of agricultural and other allied activities along with post-harvest expenses, an official said.
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A door-to-door KCC campaign and a manual of the Weather Information Network Data Systems (WINDS) portal will also be launched at an event to be held at the Pusa complex.
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The focus will be on animal husbandry, dairy and fisheries, the finance minister said.
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The Union Budget 2023 can reform schemes like Kisan Credit Card and also expand access to include all farmers. The state-run banks have been asked to use the PM Kisan database to ensure that all farmers are included under KCC.
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The campaign from October 15 to November 26 this year will also focus on mobile/Aadhaar seeding of existing accounts, with a special focus on making small accounts normal accounts by completing full know your customer (KYC) requirements.
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Under the pilot projects, the lenders will do away with the need for physical documents such as land records and in-person visit to a bank branch to get KCCs.
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The pilot will commence in September, in selected districts of Madhya Pradesh and Tamil Nadu with Union Bank of India and Federal Bank, respectively, as partner banks
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During the half-day long meeting with the CEOs of public sector banks, she also asked them to help Regional Rural Banks (RRBs) in technology improvement.
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Speaking at the National Milk Day celebrations in Anand in Gujarat, the Union Minister of Fisheries, Animal Husbandry and Dairying also launched online IVF labs for cattle rearing at Hessarghata in Karnataka and Dhamrod in Gujarat apart from distributing Gopal Ratna awards.
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As part of the Rs 20.97 lakh crore stimulus package, the government had announced Rs 2 lakh crore of concessional credit through KCC to 2.5 crore farmers, including fishermen and those involved in animal husbandry.
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The form to avail the scheme will be available on the KCC section of commercial bank websites in English and Hindi, which will require basic information such as crop being sown and land record.
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In the last fiscal the MSME disbursement target was Rs 74,000 crore.
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The Kisan Credit Card (KCC) saturation drive has been initiated by the ministry in collaboration with the Department of Financial Services to cover all PM-KISAN beneficiaries.
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KCC model is fraught with risks as there is no close monitoring of the end use of these loans by lending institutions.
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Mudra and Kisan Credit Card schemes need to be examined more closely for potential credit risk.
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From announcing a BPO promotion scheme for the North East to conversion of three core Kisan Credit cards to Rupay cards, President Mukherjee highlighted key schemes to promote digital transactions and entrepreneurship in India.
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As the scheme is voluntary for non-loanee farmers, banks have to focus on supporting peasants, who have opened account under the Jan Dhan scheme, in getting crop insurance, including guiding them through the entire process, it said.
