Press Information Bureau
Government of India
Ministry of Finance
09-December-2016 17:54 IST
Help to farmers after demonetization
Government has taken several decisions to aid the farmers in the current Rabi season to facilitate farming activities and to support rural economy. NABARD has made available Rs.21,000 crores limit to the District Central Cooperative Banks (DCCBs) through State Cooperative Banks for Rabi agricultural operations which benefit more than 40% of the small and marginal farmers. A number of measures like higher cash drawl limits for farmers and registered traders in APMC markets/Mandis, extension of time limit for payment of crop insurance premium, purchase of seeds with old high denomination bank notes of Rs. 500 from Government Centres, have been announced by Government for the benefit of the farmers.
Further, as a relief to small borrowers (i.e., loans upto Rs. 1 crore), RBI has decided to provide additional 60 days time for repayment of dues. This will be applicable to personal and crop loans including housing and agricultural loans, taken from banks, NBFCs, DCCBs, PACS or NBFC- MFIs.
This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.