Kisan Credit Cards For Fisherman | Burning Issues | PDF Download

WHAT IS KISAN CREDIT CARD?

• Kisan Credit Card (KCC) is a credit scheme prevalent in India, which was introduced in August 1998 all over the country. The prime motive of this credit scheme is to enable farmers in having quick and timely access to affordable credit. The plan was launched by the NABARD and Reserve Bank of India.
• On the recommendations of R.V.GUPTA committee

THE CARD

• The scheme aims to reduce farmers’ dependency on informal banks for credit, which is often lucrative yet very expensive. The card is offered by cooperative banks, regional rural banks, and public sector banks.
• During the launch of its Sankalp Patra (2019 Lok Sabha election manifesto) ahead of the elections, BJP had promised to provide short term new agriculture loans of up to Rs 1 lakh at 0 per cent interest rate for 1-5 years on the condition of prompt repayment of the principal amount.
• Short term loans are important as it allows farmers to maintain and increase their productivity and allows them to purchase modern costly inputs and adopt new technologies for the farms. At present, farmers get loans with the Kisan Credit Card (KCC) at 7% per annum and the government offers interest subvention scheme of 2% for short term crop loans of up to Rs 3 lakh. Additionally, on prompt repayment, an incentive of 3% is credited to the farmer’s account. However, if a borrower fails to repay the loan within the due date, the interest is applied at the card rate.

FISHING IN INDIA

• Fishing in India is a major industry in its coastal states, employing over 14 million people. In 2016-17, the country exported 11,34,948 metric tonnes of seafood worth US$ 5.78 billion (₹37,870.90 crore), frozen shrimp being the top item of export.

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