RBI Increases Loan From 1.6 Lakhs To Rs. 2 Lakhs For Farmers
The Reserve Bank of India (RBI) has delivered good news for farmers by increasing the limit for collateral-free agricultural loans. Previously, farmers could avail of loans of up to ₹1.6 lakh without providing any security. This cap has now been raised to ₹2 lakh, effective from January 1, 2024.
Click Here To Join Us On WhatsApp
The RBI explained that the decision was made considering rising agricultural expenses and inflationary pressures. The increased loan facility aims to support farmers in financing crop cultivation and other agricultural needs.
Under RBI guidelines, banks are expected to provide loans to land-owning farmers without demanding collateral. However, field-level implementation has often been inconsistent, with some banks offering such loans only to farmers with existing deposits.
Click Here To Join Us On WhatsApp
Due to these challenges, many farmers have been compelled to borrow from private moneylenders at high interest rates, pushing them into debt. The Ministry of Agriculture emphasized the need for enhanced credit facilities, citing rising agricultural input costs.
According to the ministry, this revised loan policy will benefit approximately 86% of small and marginal farmers across the country, offering significant financial relief.
Next Story:
-
New Glenn Rocket By Blue Origin Successfully Launched
![New Glenn Rocket By Blue Origin Successfully Launched]()
On Thursday, Blue Origin, the space company founded by Amazon’s Jeff Bezos, successfully launched its New Glenn rocket after multiple delays. The historic mission, designated NG-1, took off from Cape Canaveral Space Force Station in Florida at 12:33 PM IST, marking a major milestone for the company.
-
Ceasefire In Gaza: A Pause To The Longstanding War
![Ceasefire In Gaza: A Pause To The Longstanding War]()
In a breakthrough announcement, Israeli Prime Minister Benjamin Netanyahu confirmed that a ceasefire agreement with Hamas is still being finalized, with details still under negotiation. This follows an earlier statement by US President Joe Biden and Qatar’s Prime Minister, who jointly declared that a deal had been reached to temporarily halt the 15-month war in…
-
Good News For Govt. Staff: PM Modi Approves Formation of 8th Central Pay Commission
![Good News For Govt. Staff: PM Modi Approves Formation of 8th Central Pay Commission]()
On Wednesday, Union Minister Ashwini Vaishnaw made a significant announcement regarding the welfare of central government employees. He confirmed that Prime Minister Narendra Modi has approved the formation of the 8th Central Pay Commission, which is expected to bring about important changes to the salary structure and allowances for millions of government workers.
-
BJP Announces Candidates, Rivals Still In The Hunt
![BJP Announces Candidates, Rivals Still In The Hunt]()
Karimnagar/Hyderabad, Jan 16 (Maxim News): Springing a surprise by announcing candidates for the upcoming Adilabad-Nizamabad-karimnagar-Medak Graduate and Teachers MLC elections, the BJP heated election campaign.
-
We Defeated BRS In Telangana And Now Will Defeat AAP: Revanth
![We Defeated BRS In Telangana And Now Will Defeat AAP: Revanth]()
Delhi/Hyderabad, Jan 16 (Maxim News): Chief Minister Revanth Reddy expressed confidence that he had defeated the Delhi liquor scam partner BRS in Telangana. Now he will defeat the real partner AAP in Delhi.
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page, Twitter and Instagram. For all the latest Hyderabad News update
