Union Budget - 2014-15 Interest Subvention Scheme - ആർബിഐ - Reserve Bank of India
Union Budget - 2014-15 Interest Subvention Scheme
RBI/2014-15/417 January 21, 2015 To, The Chairman / Managing Director Dear Sir/Madam Union Budget - 2014-15 As directed by the Government of India and in pursuance of the budget announcement made by the Finance Minister relating to the Interest Subvention Scheme 2014-15, Interest subvention of 2 % p.a. will be made available to Public Sector Banks (PSBs) and Private Sector Scheduled Commercial Banks (in respect of loans given by their rural and semi-urban branches) on their own funds used for short-term crop loans up to Rs.3,00,000/- per farmer provided the lending institutions make available short term credit at the ground level at 7% per annum to farmers. 2% interest subvention will be calculated on the crop loan amount from the date of its disbursement/drawal up to the date of actual repayment of the crop loan by the farmer or up to the due date of the loan fixed by the banks whichever is earlier, subject to a maximum period of one year. 2. Besides, additional interest subvention @3% will be available to the prompt paying farmers from the date of disbursement of the crop loan up to the actual date of repayment by farmers or up to the due date fixed by bank for repayment of crop loan, whichever is earlier, subject to a maximum period of one year from the date of disbursement. This also implies that the prompt paying farmers would get short term crop loans @4% per annum during the year 2014-15. This benefit would not accrue to those farmers who repay after one year of availing such loans. 3. In order to discourage distress sale by farmers and to encourage them to store their produce in warehousing against warehouse receipts, the benefit of interest subvention will be available to small and marginal farmers having Kisan Credit Card for a further period of upto six months post harvest on the same rate as available to crop loan against negotiable warehouse receipt for keeping their produce in warehouses. 4. To provide relief to farmers affected by natural calamities, the interest subvention of two percent will continue to be available to banks for the first year on the restructured amount. Such restructured loans may attract normal rate of interest from the second year onwards as per the policy laid down by the RBI. 5. Banks may give adequate publicity to the above scheme so that the farmers can avail the benefits. 6. It is also advised as under:-
Yours faithfully, (Madhavi Sharma) Claim for 2 Per cent Interest Subvention on Name of the Bank : ___________________________________________ Statement for the half year ended
We certify having disbursed the above loans at 7% p.a. up to Rs.3 lakh by way of short-term production credit to the farmers during the year 2014-15. Authorised Signatory Date : (This claim format needs to be duly certified by Statutory Auditors with the Firm Registration Number and Membership Number of all Signatories) One - time Claim for Additional 3 per cent Subvention for timely Name of the Bank : ___________________________________________
We certify that the above loans for which the claim is being made were repaid in time and the benefit of additional 3 percent incentive subvention has already been passed on to the account holders, thereby bringing down the interest rate for such farmers to 4 per cent per annum for short term production credit up to Rs.3 lakh disbursed during 2014-15 for these farmer. Authorised Signatory Date : ((This claim format needs to be duly certified by Statutory Auditors with the Firm Registration Number and Membership Number of all Signatories) |