Chief Minister Krishi Rinn Yojana Arunachal Pradesh – Zero Interest Loan to Farmers
Arunachal Pradesh Chief Minister Krishi Rinn Yojana – Zero Interest Loan to Farmers: The Arunachal Pradesh government has decided to provide zero interest crop loan to marginal farmers of the state to enable them easy access to formal credit through banking channels, an official said on Monday. According to a notification released by Finance Department, the government has decided to launch “Chief Minister’s Krishi Rinn Yojana”, under which it would provide interest subvention of 4 percent on crop loan & Kisan Credit Card limit up to Rs 3,00,000 sanctioned by all banks to all farmers of the state during the current financial year.
The farmers would also get interest relief od 3% per annum who promptly repay their crop loan within one year of disbursement of such loan. In effect, farmers who take a loan of up to Rs. 3 lakhs and make timely repayments will get access to zero interest credit facility. The notification says the National Bank for Agriculture and Rural Development (Nabard) will act as a channel partner for reimbursement to banks against interest subvention amount claims in a prescribed format.
Chief Minister Krishi Rinn Yojana
Chief Minister Pema Khandu has set a target of 7,500 farmers to be covered under the scheme in this financial year. The district wise & bank wise target will be circulated separately to all deputy commissioners and banks concerned. This target will be reviewed at the district and state-level bankers committee meetings. The circle officers will function as financial extension officers and help the banks in timely recovery of crop loans, the notification added. Any bank which fails to meet the stipulated target would be reported to the Reserve Bank of India and the department of financial services, he said. Go through below sections for brief information in an understandable manner.
Objectives of Chief Minister Krishi Rinn Yojana Scheme
The main objectives of the Chief Minister Krishi Rinn Yojana scheme are
- Adequate and timely credit support under single window for cultivation and other needs
- Cultivation of crops
- Postharvest expenses
- Produce Marketing loan
- Consumption requirements
- Working capital for maintenance of farm assets & activities allied to agriculture like dairy, fishery, etc
- Investment credit for agriculture & allied activities like pump sets, sprayers, dairy, animals, etc.
Chief Minister Krishi Rinn Yojana Scheme Details
- State Government would provide interest subvention of 4% on crop loan and Kisan Credit Card limit up to Rs. 3,00,000
- This interest subvention will be over & above the subvention given by Central Government
- Additional 3% interest relief for prompt repayment
- State Government will be issuing a notification wherein a certificate of are and crop being cultivated issued by CO may be accepted as valid documents by banks for issuance of Kisan Credit Card
- Loan up to Rs. 3,00,000 with timely repayment will get access to zero interest credit facility
- Perennial food crop/plantation crop not eligible
- State Government of Arunachal Pradesh has set a target of 75000 farmers
- District wise & bank wise target will be circulated separately to all DCs and concerned banks
- Process will be reviewed in DLCC / DCC & SLBC meetings
- Circle Officers will function as Finacial Extension Officers
- NABARD shall act as channel partner for reimbursement to bank
Benefits under Chief Minister Krishi Rinn Yojana
The benefits that farmers and banks get under Chief Minister Krishi Rinn Yojana scheme are listed here.
- Timely and hassle free credit
- Assured availability & easy renewal
- Flexibility to draw from another branch
- Less interest burden
- Fewer visits to branch for sanction
- Consumption loan
- Availability of PAIS
- Less workload/paperwork and lower transaction cost
- Improved recycling of funds, better recovery
- Increase in loan business, better banker-borrower relation
Steps To Apply for Chief Minister Krishi Rinn Yojana
Individuals can follow the below step by step process and apply for the Chief Minister Krishi Rinn Yojana scheme. By following people can apply for the scheme easily without any confusion.
- Primarily individuals have to visit official website www.itanagar.nic.in
- Homepage will be opened
- Now click scheme column available in homepage
- Schemes page will be displayed
- Now search for Chief Minister’s Krishi Rinn Yojana scheme details
- There a link will be available to Download Form
- Download it and fill the form properly
- Submit it to the concerned CO/EAC/BDO/SDO/ADC/DC Office
Download Chief Minister Krishi Rinn Yojana Form – Click Here
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