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Interest subvention on Agriculture Loan
August 21 , 2022
826 days
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- The Union Cabinet approved to restore the interest subvention on short-term agricultural loans.
- An interest subvention of 1.5% was approved on short-term farm loans up to Rs 3 lakh.
- This amount will be given to lending institutions for FY 2022-23 to 2024-25.
- It aims to ensure adequate agriculture credit in rural economy.
- Interest Subvention Scheme was launched by government to ensure that farmers pay a minimum interest rate to the bank.
- This scheme has been rechristened as Modified Interest Subvention Scheme.
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