Mukhya Mantri Krishi Rinn Yojana or Chief Minister Krishi Rinn Yojana is being launched on 23rd May 2017 by the state government of Arunachal Pradesh under which it will provide crop loans at zero interest rates to farmers in the state.The zero interest crop loan scheme is launched by the government in order to provide farmers easy access to formal credit through banking channels.
The state government, under the “Chief Minister Krishi Rinn Yojana” would provide interest subvention of 4 percent on crop loans and Kisan credit cards with a limit of up to 3 Lakh. The interest subventions would be applicable loans sanctioned by all banks to all farmers of the state in the current financial year. This subvention gave by state govt. would be over and above of the interest subvention given by the central govt. as per policy issued by RBI/NABARD.
Zero interest crop loan facility would be provided to the farmers who make the timely payment of loans taken up to Rs 3 lakhs. The farmers will get 3% interest subvention under the scheme if they repay their short term crop loan within one year of disbursement.
For the current financial year, the state government of Arunachal Pradesh has set a target to provide scheme benefits to at least 7500 farmers.
NABARD would act as channel partner and handle all the task of reimbursement of the subvention amount of crop loans to the banks.
A certificate of area and crop being cultivated issued by circle officer will be accepted as valid documents by banks for issuance of Kisan Credit Card (KCC).
Benefits under the Chief Minister Krishi Rinn Yojana would be provided to farmers availing KCC crop production loan from commercial banks, APRB and APSCAB Ltd at the same terms and conditions prescribed by RBI/ NABARD.
KCC loan application formats will be made available in the banks to apply for KCC/ short term crop loan. And application forms for the Kisan Credit Cards and crop loans scheme would be made available by the banks itself in the same format as currently used for KCC.
The upliftment of farmers is very important and financial assistance to them by the state government is a good initiative. We have seen so many cases of farmers committing suicides in the recent years. Therefore, this scheme is going to benefit many farmer households financially.