Source-This post on Kisan Credit Card (KCC) Fisheries Scheme is based on the article “Department of Fisheries Integrates Kisan Credit Card Fisheries Scheme onto JanSamarth Portal” published in “Krishi Jagran” on 16th March 2024.
Why in the News?
The Department of Fisheries has included the Kisan Credit Card (KCC) Fisheries scheme on the JanSamarth Portal to provide better access to credit for fishers, fish farmers, and stakeholders across the country.
| JanSamarth Portal 1. It is an innovative online platform that directly links lenders with beneficiaries. 2. Citizens can access loans through 13 Central government schemes across four loan categories. |
What is KCC Fisheries Scheme?
1. About– In 2018-19, the Kisan Credit Card (KCC) facility was extended to fishers and fish farmers to support their working capital needs.
2. Coverage– The Scheme covers different categories of farmers, such as individuals, joint borrowers, Joint Liability Groups, and Self Help Groups.
3. Subsidy– It provides an annual interest subsidy of 2%, along with an extra subsidy of 3% for timely repayment.
About Kisan Credit Cards (KCC) Scheme
1. Launched– The KCC scheme started in 1998 to offer timely credit to farmers for farming and related needs. It was initiated based on the recommendation of R.V. Gupta committee.
2. Objective– KCC aims to fulfill short-term credit needs for farming, post-harvest costs, marketing, consumption, farm asset maintenance, and agriculture-related investments.
3. Implementing Entities: Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks, and Cooperatives participate in executing the scheme.
4. Features:
a. KCC offers an ATM-enabled RuPay debit card, streamlined processes, and inherent cost escalation.
b. The government helps farmers by reducing interest rates and offering rewards for prompt loan repayment to make agricultural loans more affordable. Farmers must link their Aadhaar to avail themselves of interest rate reductions.
5. Expansion of the scheme– The scheme expanded in 2004 to cover investment credit needs for farmers in various activities beyond farming. In 2018-19, it was extended to include fisheries and animal husbandry farmers.
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