Integration between Kisan Credit Card (KCC) Fisheries Scheme and JanSamarth Portal

  • The Department of Fisheries launched the Kisan finance Card (KCC) Fisheries initiative on the JanSamarth Portal, ushering in a new era of finance for fishermen and fish producers around the country. 

About the KCC Fisheries Scheme

  • In 2018-19, the Government of India expanded the KCC service to fisheries and animal husbandry farmers to assist them in meeting their working capital needs.
  • The bank authorities have been instructed to grant KCC within 14 days of receiving the fish growers’ completed application. 
  • Benefits Include:
  1. Existing KCC holders would be eligible for interest subvention and prompt repayment incentives up to a credit ceiling of Rs. 3 lakhs, which includes fisheries activities.
  2. New cardholders have a credit limit of Rs. 2 lakhs to satisfy their working capital requirements for fishing.
  3. The lending rate to farmers under the KCC plan is 7%, with a 2% interest subsidy provided by the government each year. In addition, an additional incentive of 3% per year is offered in the event of prompt repayment in accordance with the current criteria.
  4. This means that farmers who repay on time as described above will essentially receive a loan at 4% per year for loan amounts up to Rs 2 lakh. 

Kisan Credit Card (KCC) Scheme

  • The KCC scheme was implemented on the proposal of R.V. Gupta of the National Bank for Agriculture and Rural Development.
  • The initiative was introduced in 1998 to ensure that farmers received enough and timely credit support from the banking system.
  • It provides farmers with a single window with flexible and streamlined procedures for cultivation and other needs such as purchasing agriculture inputs such as seeds, fertilisers, insecticides, and so on, as well as withdrawing funds for production needs.
  • In 2004, the system was extended to include farmers’ investment credit requirements for linked and non-farm industries.
  • In 2018-19, it was expanded to include fisheries and livestock farmers.

Objectives include 

  1. Meeting short-term credit requirements for farming.
  2. To handle post-harvest expenses
  3. To meet the consumption needs of the farmer’s household
  4. Working capital for maintaining farm assets and activities related to agriculture.
  5. Investment financing requirements for agriculture-related activities. 

KCC scheme is implemented by:

  1. Commercial banks
  2. Regional Rural Banks (RRBs)
  3. Small Financial Banks, and
  4. Cooperative banks

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