Extra 3% interest subvention scheme for short time crop

Reserve bank of India has notified the union budget interest subvention scheme for farmers. In this regard there was 2% interest subvention...

Reserve bank of India has notified the union budget interest subvention scheme for farmers. In this regard there was 2% interest subvention scheme. There is also a new scheme launched for farmers where 3% additional interest subvention will be given to farmers on short time crop. RBI has issued a release dated 28 September 2012 about interest subvention for short time crop. Full release is as under.

 RBI/2012-13/228 
RPCD.No.FSD.BC.31/05.04.02/2012-13
September 28, 2012
The Chairman/Managing Director
All Public Sector Banks
Dear Sir,
Union Budget – 2012-13 – Interest Subvention Scheme – 2 per cent interest subvention and 3 per cent additionalsubvention for short-term crop loans in 2012-13
As you are aware, the Hon’ble Finance Minister, in his Budget Speech (paragraph 80) for 2012-13 had announced as follows:

"The interest subvention scheme for providing short term loans to farmers at 7 per cent interest per annum will be continued in 2012-13. An additional subvention of three per cent will be available to prompt paying farmers.  In addition, the same interest subvention on post harvest loans up to six months against negotiable warehouse receipt will also be available. This will encourage the farmers to keep their produce in warehouses."

2. In pursuance of this announcement, Government of India will provide interest subvention of 2 % p.a. to Public Sector Banks in respect of short-term production credit up to Rs.3 lakh during the year 2012-13. This amount of subvention will be calculated on the crop loan amount from the date of its disbursement/drawal up to the date of actual repayment of the crop loan by the farmer or up to the due date of the loan fixed by the banks for the repayment of the loan, whichever is earlier, subject to a maximum period of one year. This subvention will be available to Public Sector Banks on the condition that they make available short-term production credit up to Rs. 3 lakh at ground level at 7% p.a.

3. Besides, Government of India will also provide additional interest subvention of 3% p.a. to Public Sector Banks in respect of those prompt paying farmers who repay their short-term production credit within one year of disbursement/drawal of such loans. This subvention will be available to such farmers on a maximum amount of Rs.3 lakh availed of by them during the year, from the date of disbursement/drawal of the crop loan up to the actual date of repayment by farmers or up to the due date fixed by the bank for repayment of crop loan, whichever is earlier, subject to a maximum period of one year from the date of disbursement. This additional subvention will be available to Public Sector Banks on the condition that the effective rate of interest on short-term production credit up to Rs. 3 lakh for such farmers will now be 4 % p.a. This benefit would not accrue to those farmers who repay after one year of availing such loans.

4. Similar to the previous year (2011-12), the benefits of interest subvention will  also be available to small and marginal farmers having Kisan Credit Card for a further period of up to six months post harvest on the same rate as available to crop loan against negotiable warehouse receipt for keeping their produce in warehouses.

5. Banks may give adequate publicity to the above scheme so that the farmers can avail the benefits.

6. It is also advised as under:-
i) Claims in respect of 2 % interest subvention and 3 % additional interest subvention may be submitted in Formats I and II(enclosed herewith) respectively to the Chief General Manager, Rural Planning and Credit Department, Reserve Bank of India, Central Office, Shahid Bhagat Singh Road, Fort, Mumbai – 400 001.

ii) In respect of 2 % interest subvention, banks are required to submit their claims on a half-yearly basis as at September 30, 2012 and March 31, 2013, of which, the latter needs to be accompanied by a Statutory Auditor’s certificate certifying the claims for subvention for the entire year ended March 31, 2013 as true and correct. Any remaining claim pertaining to the disbursements made during the year 2012-13 and not included in the claim for March 31, 2013, may be consolidated separately and marked as an 'Additional Claim' and submitted latest by April 30, 2014, duly audited by Statutory Auditors certifying the correctness.

iii) In respect of the 3% additional subvention, banks may submit their one-time consolidated claims pertaining to the disbursements made during the entire year 2012-13 latest by April 30, 2014, duly audited by Statutory Auditors certifying the correctness.

7.  In case of RRBs and co-operatives, a separate circular will be issued by NABARD.
Yours faithfully,
(C. D. Srinivasan)
 Chief General Manager

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Taxalertindia: Extra 3% interest subvention scheme for short time crop
Extra 3% interest subvention scheme for short time crop
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