Kisan Credit Card Scheme, low interest loans to fishermen: MoS Murugan
L Murugan, Union Minister of State for Fisheries, Livestock and Dairy Products, said the Kisan credit card program will be extended to fishermen to provide low-interest loans. The minister said the central government’s commitment to fishermen was evident in the fact that it created a separate department for fisheries and set aside 20,000 crore rupees for the Aatmanirbhar Bharat campaign. He was speaking at a “Fishermen’s Convention” organized by the Kerala Pradesh Fishermen Group (BMS) in Munambam in Kochi on Monday 22 November.
The Defense Ministry said: “For the first time in independent India, Prime Minister Narendra Modi has sanctioned 20,000 crore rupees for the fishermen of the Atmanirbhar Bharat project.”
Kisan Credit Card System for Providing Low Interest Loans: MoS L Murugan
The minister went on to say that the government had set aside 7.5 crore rupees to build integrated fishing communities with schools, health care and other amenities. He further stated that the fuel subsidy for fishermen will continue, adding that the Union government has sanctioned Rs 246 crore over the past five years for Kerala fishermen only. According to MoS Murugan, the government’s goal is to develop all Indian fishing ports.
Kisan Credit Card System (KCC)
The Kisan Credit Card (KCC) is a credit card program launched by Indian banks in August 1998. The National Bank for Agriculture and Rural Development (NABARD) developed this model plan to provide term loans for agricultural needs based on the suggestions of RV GUPTA. Committee. Its aim is to provide financial assistance to farmers to meet the overall credit requirements of the agricultural sector, as well as fisheries and livestock, by 2019. All commercial banks, regional rural banks and banks state cooperatives are among the participants.
Short-term credit limits for crops, as well as term loans, are part of the system. Personal accident insurance covers KCC credit card holders up to $ 50,000 for death and permanent disability, and up to $ 25,000 for other risks. The premium is split equally between the bank and the borrower. The period of validity is five years, with the possibility of an additional three-year extension. The Kisan Finance Card (KCC) offers farmers two types of credit: cash credit and installment credit. Long-term loans are intended for related activities such as pump units, land development, plantations, drip irrigation.