New Delhi [India] Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan on Friday launched a web portal for faster bank settlements of interest subvention claims under Agricultural Infrastructure.
Chouhan launched the web portal jointly developed by the Department of Agriculture and Farmers Welfare (DA&FW) and NABARD to automate and expedite the process of settlement of interest subvention claims from banks submitted under the Agricultural Infrastructure Fund ( AIF), according to a press release from the Ministry of Agriculture and Farmers.
During the launch event, Chouhan said, "Prime Minister Modi's government is committed to increasing the income of farmers by taking various measures. Prime Minister Modi launched the Agriculture Infrastructure Fund with a funding of Rs 1 lakh crore. rupees in a bid to increase crop storage capacity and reduce farmers' losses."
He further said that the newly launched credit claim automation will ensure timely settlement of claims within a day, which would otherwise take months for manual settlement. "The move will also ensure transparency and check corrupt methods," Chouhan added.
The Agricultural Infrastructure Fund scheme was launched in 2020 to develop post-harvest management infrastructure to reduce losses, realize better value for farmers, innovate in agriculture and attract investments for creation of agricultural infrastructure with a total outlay of 1 one lakh crore rupees. financing through banks and financial institutions until 2025-26. The scheme provides for 3 per cent interest subvention to scheme beneficiaries on loans extended by banks up to Rs 2 crore for a maximum period of seven years, besides refund of credit guarantee fee paid by banks. banks.
The Union Minister said investments worth Rs 72,000 crore have been mobilized and Rs 43,000 crore have already been sanctioned till date for 67,871 projects under the Agriculture Infrastructure Fund.
Chouhan informed that the automated system would help accurately calculate the eligible interest subsidy through the portal, avoiding possible human error in manual processing and also help in faster settlement of claims. The portal will be used by banks, Central Project Management Unit (CPMU) of DA&FW and NABARD, the press release said.
Automating the processing of interest subsidy and credit guarantee rate applications will help the government release accurate interest subsidy, reduce response time and in turn financially help and encourage farmers and agribusiness owners. to undertake more projects of this type for development. of agriculture in the country, according to the statement.
Chouhan also launched Krishi Katha, a blog aimed at serving as a digital platform to showcase the voice of Indian farmers, dedicated to amplifying the experiences, knowledge and success stories of farmers across the country.
Reporting on Krishi Katha, Chauhan said the new portal for sharing farmers' experience will enable the farming community to benefit from each other's experiences. He said: “There are several farmers who are experimenting for themselves and their success stories should be put forward for others to emulate.”
Chouhan said farmers' voices and stories are often left uncovered in the vast and diverse landscape of Indian agriculture. "Behind every crop, every field and every harvest, lies a narrative of resilience, struggles, challenges and triumphs. Krishi Katha" aims to provide a comprehensive and immersive storytelling space where the narratives of India's farming community can be shared and celebrate." he said.
Highlighting the objectives, Chouhan said, "The objectives behind this initiative will help create awareness, facilitate knowledge sharing, foster collaboration and empower farmers."
Chouhan launched the web portal jointly developed by the Department of Agriculture and Farmers Welfare (DA&FW) and NABARD to automate and expedite the process of settlement of interest subvention claims from banks submitted under the Agricultural Infrastructure Fund ( AIF), according to a press release from the Ministry of Agriculture and Farmers.
During the launch event, Chouhan said, "Prime Minister Modi's government is committed to increasing the income of farmers by taking various measures. Prime Minister Modi launched the Agriculture Infrastructure Fund with a funding of Rs 1 lakh crore. rupees in a bid to increase crop storage capacity and reduce farmers' losses."
He further said that the newly launched credit claim automation will ensure timely settlement of claims within a day, which would otherwise take months for manual settlement. "The move will also ensure transparency and check corrupt methods," Chouhan added.
The Agricultural Infrastructure Fund scheme was launched in 2020 to develop post-harvest management infrastructure to reduce losses, realize better value for farmers, innovate in agriculture and attract investments for creation of agricultural infrastructure with a total outlay of 1 one lakh crore rupees. financing through banks and financial institutions until 2025-26. The scheme provides for 3 per cent interest subvention to scheme beneficiaries on loans extended by banks up to Rs 2 crore for a maximum period of seven years, besides refund of credit guarantee fee paid by banks. banks.
The Union Minister said investments worth Rs 72,000 crore have been mobilized and Rs 43,000 crore have already been sanctioned till date for 67,871 projects under the Agriculture Infrastructure Fund.
Chouhan informed that the automated system would help accurately calculate the eligible interest subsidy through the portal, avoiding possible human error in manual processing and also help in faster settlement of claims. The portal will be used by banks, Central Project Management Unit (CPMU) of DA&FW and NABARD, the press release said.
Automating the processing of interest subsidy and credit guarantee rate applications will help the government release accurate interest subsidy, reduce response time and in turn financially help and encourage farmers and agribusiness owners. to undertake more projects of this type for development. of agriculture in the country, according to the statement.
Chouhan also launched Krishi Katha, a blog aimed at serving as a digital platform to showcase the voice of Indian farmers, dedicated to amplifying the experiences, knowledge and success stories of farmers across the country.
Reporting on Krishi Katha, Chauhan said the new portal for sharing farmers' experience will enable the farming community to benefit from each other's experiences. He said: “There are several farmers who are experimenting for themselves and their success stories should be put forward for others to emulate.”
Chouhan said farmers' voices and stories are often left uncovered in the vast and diverse landscape of Indian agriculture. "Behind every crop, every field and every harvest, lies a narrative of resilience, struggles, challenges and triumphs. Krishi Katha" aims to provide a comprehensive and immersive storytelling space where the narratives of India's farming community can be shared and celebrate." he said.
Highlighting the objectives, Chouhan said, "The objectives behind this initiative will help create awareness, facilitate knowledge sharing, foster collaboration and empower farmers."
