Nabard gives 50 percent of subsidy to farmers in north Karnataka in installing solar photovoltaic pumps in order to help farmers overcome their lingering problems of power outages and rise and fall in fuel prices, reports Hindu.
Karnataka accounts for more than 50 percent of the country’s target of photovoltaic pumps in 2015-16. and north Karnataka is a specially sun favored area.
A source from Nabard is quoted saying the scheme is financed by commercial banks, rural regional banks, and district credit cooperative banks. Though loans vary with each bank, cooperative banks charge around 3 per cent on loans.