BANKING AFFAIRS

Detailed explanation-1: -The Kisan Credit Card (KCC) scheme was introduced in 1998 for issue of Kisan Credit Cards to farmers on the basis of their holdings for uniform adoption by the banks so that farmers may use them to readily purchase agriculture inputs such as seeds, fertilizers, pesticides etc. and draw cash for their production needs.

Detailed explanation-2: -KCC covers post-harvest expenses, produce marketing loan, consumption requirements of farmer household, working capital for maintenance of farm assets and activities allied to agriculture, investment credit requirement for agriculture and allied activities.

Detailed explanation-3: -Kisan Credit Card Loan Scheme. The PM Kisan Credit Cards have now been linked to the Pradhan Mantri Kisan Samman Nidhi Yojana. Farmers can seek a loan from KCC for up to Rs.3 lakh at 4% interest rate. Now it is also easier for PM Kisan beneficiaries to apply for KCC.

Detailed explanation-4: -The Kisan Credit Card scheme is a Government of India scheme which provides farmers with timely access to credit. It was launched in 1998 with the aim of providing short-term formal credit to farmers and was created by the National Bank for Agriculture and Rural Development – NABARD.