Question
Download Solution PDFKisan Credit Card scheme was recommended by
Answer (Detailed Solution Below)
Option 2 : R. V. Gupta committee
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Detailed Solution
Download Solution PDFThe correct answer is R. V. Gupta committee.
- Kisan Credit Card (KCC) is a credit scheme introduced in August 1998.
- The model of the scheme was prepared by NABARD on the recommendation of R. V. Gupta committee.
- Yashwant Sinha, the Union Minister of Finance in his 1998-99 budget speech introduced KCC.
- Presently there are about 6.95 crore active KCC.
- RBI has increased limit for collateral free agriculture loan from 1 lakh to 1.6 lakh.
- Farmers applying loan for KCC can borrow fund at 7% per annum for amount upto 3 lakh and loan for livestock and fisheries will be provided at interest rate of 4% per annum.
- It will also provide an additional subvention of 3% for prompt repayment within a period of 1 year from the date of advance.
- Banks will issue new KCC within 15 days of submission of the application by farmer.
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