Big relief for Bihar farmers, additional interest subsidy on farm loans

Farm loan: Bihar farmers to get relief on farm loan interest. The state government has decided to provide one per cent interest subsidy on agricultural loans to farmers in 2024-25. For this, a memorandum of understanding was signed between the Agriculture Department and NABARD Bank on Friday. Under the head of state planning, the government has sanctioned Rs.10 crore. NABARD Director Agriculture Mukesh Kumar Lal, Associate Director Agriculture (Statistics) Sushil Kumar and NABARD Deputy General Manager Prakash Kumar Mishra, Assistant General Manager Zubar Parihar and Satvik Satvik Devda signed the MoU. Bihar farmers will get additional interest subsidy. Under this scheme, subsidy will be provided to farmers from commercial, rural and cooperative banks. The government will pay one percent interest on crop loans, kisan credit cards and short-term agricultural production loans. These farmers will be given one percent interest subsidy from April 1 this year. Farmers who have availed loan earlier will not be eligible for this scheme. Companies and partnership firms will not get the benefit of this scheme. Also Read: 8.5 km long new LD line to provide relief to devotees during Shravani Mela, Agriculture Minister says 3 per cent interest subsidy Agriculture loans get 1 per cent interest subsidy from state scheme chief. This benefit is available for agricultural loans availed in all commercial and rural banks. A fund of Rs.10 crore has been allocated for this purpose. Also Read: Bihar farmers to get subsidy along with bank loan to set up solar plants