On May 18, 2020, the National Bank of Agriculture and Rural Development (NABARD) released Rs 20,500 crores. The funds will act as front-loading resources to the cooperative banks and the Regional Rural Development Banks (RRBs).
Highlights
- The funds have been released to help farmers in Kharif operations and also in their pre monsoon preparations.
- Of the allocated amount, Rs 15,200 crores is to be provided through cooperative banks and Rs 5,300 crores through RRBs.
- The Indian Meteorological Department recently announced that the Indian Monsoon is to begin on June 5.
- Hence, the advance releasing of funds will help farmers in receiving loans from the RRBs and cooperative banks.
Kisan Credit Card
- The banks have initiated the Kisan Credit Card Scheme.
- During the months of lock down, around 12 lakh new credit cards were provided to the farmers.
- The scheme was introduced in 1998.
- It aims to provide adequate credit support to the farmers.
- It was extended to non-farming activities in 2004.
- The scheme is implemented by RRBs, Commercial banks, Small Finance Banks and Cooperatives.
Atma Nirbhar Bharat Abhiyan
- It is to be noted that the Atma Nirbhar Bharat Abhiyan that was recently launched by PM Modi allocated Rs 30,000 crores for NABARD.
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