The Reserve Bank of India (RBI) is trying to make it easier for farmers to get loans.
The Reserve Bank of India (RBI) is trying to make it easier for farmers to get loans. To that end, it has launched a new program called Kisan Credit Card (KCC) that will offer farmers up to $2,500 a year in loans, up from the current $1,000, reports the Times of India. The move is aimed at helping small and medium-scale farmers who are struggling to make ends meet. “The idea is to enable them to get the loans they need,” says an official at a state-run bank. “It’s a win-win situation for them and the banks.” The credit card will allow farmers to apply for loans from banks, which in turn will help them get loans from government-owned banks. The move comes as part of the central government’s efforts to ease restrictions on bank lending in rural areas.
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