New Delhi: Farmers will continue to get short-term loan of up to Rs 3 lakh at a subsidised interest rate of 7 percent, and prompt repayers will get it at 4 percent as the government today extended the subsidy to banks for 2017-18.The Interest Subvention Scheme for 2017-18 has been approved in the Cabinet meeting, headed by Prime Minister Narendra Modi, today.Representational photo. Reuters”The Cabinet has approved the total expenditure of Rs 20,339 crore in the current financial year as interest subsidy on short-term crop loans,” a senior government official said.The short-term crop loan of up to Rs 3 lakh will continue to be made available to the prompt payee farmers at 4 percent interest rate only, the official said.As an interim measure, the Reserve Bank last … Next »
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