APN News

  • Tuesday, September, 2020| Today's Market | Current Time: 03:04:07
  • PM Modi to release sixth instalment of PM-KISAN scheme to 8.5 crore farmers today; to launch Rs 1 Lakh Cr financing facility

    Published on August 9, 2020

    Prime Minister Narendra Modi will launch the financing facility of one lakh crore rupees under the Agriculture Infrastructure Fund  today through video conferencing. He will also release the sixth instalment of funds of 17 thousand crore rupees to 8.5 crore farmers under the Pradhan Mantri Kisan Samman Nidhi Yojna (PM-KISAN) scheme.

    Our correspondent reports, the  financing facility under the Agriculture Infrastructure Fund will catalyze the creation of post-harvest management infrastructure and community farming assets like cold storage, collection centres and processing units.

    These assets will enable farmers to get greater value for their produce, as they will be able to store and sell at higher prices, reduce wastage, and increase processing and value addition. One lakh crore rupees will be sanctioned under the financing facility in partnership with multiple lending institutions.  

    11  Public Sector Banks have already signed MOUs in this regard. Three percent interest subvention and credit guarantee of up to two crore rupees will be provided to the beneficiaries to increase the viability of these projects.

    The beneficiaries of the scheme will include farmers, Marketing Cooperative Societies, Joint Liability Groups, Multipurpose Cooperative Societies, Agri-entrepreneurs and Startups.

    The PM-KISAN scheme has provided a direct cash benefit of over 75 thousand  crore rupees to more than 9.9 Crore farmers. This has enabled them to fulfil their agricultural requirements and support their families.

    The scheme has also been instrumental in supporting farmers during the COVID-19  pandemic, through the release of nearly  22 thousand crore rupees to aid the farmers during the lockdown period.