rbi NEW

AMN / NEW DELHI

Reserve Bank has said that interest subsidy scheme on short-term crop loans of up to three lakh rupees will be implemented through the direct benefit transfer mode from the current financial year.

A RBI notification said the Centre has earmarked 15,000 crore rupees for 2018-19 towards interest subvention for short-term crop loans. The notification adds that the scheme will be required to be settled as applicable in Plan Scheme namely Scheduled Caste, Scheduled Tribe and North East Region among others.

As per the scheme, farmers can avail of short-term crop loans of up to three lakh rupees at subsidised interest rate of seven percent that could go down to four percent on prompt repayment.