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Odisha government announced to provide an interest-free crop loan to farmers of up to Rs.1 lakh

Bhubaneswar:21/7/23: Odisha government today announced to provide an interest-free crop loan to farmers of up to Rs.1 lakh and Crop loans above Rs.1 lakh to Rs.3 lakh at 2 per cent interest.

It was informed by a senior official after the important meeting of the State Cabinet.

Earlier, interest-free crop loan was being provided up to the limit of Rs.50.000/- under FACIA. During the year 2022-23, 32.43 lakh small and marginal farmers availed crop loans from Cooperative Banks 1 PACS within Rs.1 lakh at 0% interest rate per annum.

In order to compensate for the loss sustained by the Cooperative Banks / PACS on lending crop loans at a directed rate of interest as stipulated by the Government, the State is providing interest subsidy/subvention to the Cooperative Banks.

The Cabinet today approved the provision of Rs.5700 crore for implementation of the State sector Scheme “Interest Subsidy-Subvention to the Cooperative Banks /PACS for five years from 2023-24 to 2027-28 to ensure adequate credit flow in agriculture at an affordable rate of interest to the farmers in the State.

Officials said the availability of adequate and hassle-free credit at a cheaper rate to farmers has been the top priority of the State Government. To ease off the interest burden of crop loans on farmers, the State Government introduced an interest subvention Scheme to provide Short Term Credit to farmers at subsidized interest rates for their farming operations.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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