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Nabard sanctions Rs 21000 crore crop loans to co-op banks

crop loans sanctions

New Delhi: Farmers who were left confused after demonetisation move in the crop sowing rabi season have been given some relief with the Finance Ministry announcing on Wednesday that the crop loans will be available from District Central Co-operative Banks (DCCBs). National Bank of Agriculture and Rural Development (Nabard) has already sanctioned the crop loans of upto Rs 21000 crores to co-operative banks.

Econ mic Affairs secretary Shaktikanta Das said, “About 40 percent of credit needs of farmers is taken care of by co-operative banks.” He further said this step has been initiated to ensure availability of cash for farmers in the ongoing sowing season after the issue was reviewed by Prime Minister Narendra Modi.

The banks have been advised to disburse seamless crop loans, Das said.

Das also informed today that charges for digital payments and transactions by public sector banks, some private banks as well as service providers will be waived until December 31, 2016. Debit card usage charges have also been waived till the same time to ensure greater digital transaction penetration, he said.

While Indian Railways has waived off online booking service charges till December 31, National Payments Corporation of India has already waived charges on Rupay cards.

Ministry of Road Transport and Highways has asked vehicle manufacturers to provide ETC compliant RFID tags in all new vehicles for smooth toll collection along Highways.

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