The Odisha govt will give Rs. 5700 crore as ‘Interest Subsidy-Subvention’ under which farmers could avail interest-free crop loans above Rs 1 lakh to 5 lakh The Hindu reports.
This rate would be applicable retrospectively from April 1, 2022.
It is said by the government. that they will compensate losses sustained by cooperative banks and PACS involved in issuing crop loans stipulated by the government by providing interest subsidy or subvention to the cooperative banks and PACS.
It is also claimed that during the year 2022-23, about 32.43 lakh small and marginal farmers availed crop loans from cooperative banks and Primary Agricultural Cooperative Societies (PACS) within Rs.1 lakh at 0% interest rate per annum.