CURRENT AFFAIRS

Detailed explanation-1: -The Cabinet approved a 1.5% interest subvention on short-term farm loans up to ₹3 lakh, which will be provided to lending institutions for the financial year 2022-23 to 2024-25.

Detailed explanation-2: -The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved to restore Interest Subvention on short term agriculture loans to 1.5% for all financial institutions.

Detailed explanation-3: -Under this scheme, the farmers can avail concessional crop loans of upto Rs. 3 lakh at 7 per cent rate of interest. It also provides for an additional subvention of 3 per cent for prompt repayment within a period of one year from the date of advance.

Detailed explanation-4: -The government is extending financial assistance in the form of interest subvention at 6 per cent per annum or 50 per cent of rate of interest charged by banks, whichever is lower, on the loans to be extended by banks for five years, including one-year moratorium.