Q. Consider the following statements:
1.The Kisan Credit Card Scheme (KCC) was introduced in 2008 for farmers to empower them to purchase agricultural products and services on credit at any time.
2.The Government of India has introduced the Modified Interest Subvention Scheme (MISS), to provide long-term credit to farmers at subsidized interest rates.
Which of the statements given above is/are NOT correct?
Explanation: Ensuring hassle-free credit availability at a cheaper rate to farmers has been the top priority of the Government of India.
- Accordingly, the Kisan Credit Card Scheme (KCC) was introduced in 1998 for farmers to empower them to purchase agricultural products and services on credit at any time.
- As of 30 December, 2022, banks issued Kisan Credit Cards (KCC) to 3.89 crore eligible farmers with a KCC limit of ₹4,51,672 crore.
- With the Government of India extending the KCC facility to fisheries and animal husbandry farmers in 2018-19, the number of such cards in the fisheries and animal husbandry sector has also grown.
- As of 17 October 2022, 1.0 lakh KCCs have been sanctioned for the fisheries sector and 9.5 lakh (as of 4 November 2022) for the animal husbandry sector.
- To ensure that the farmers pay a minimal interest rate to the banks, the Government of India has introduced the Interest Subvention Scheme (ISS), now renamed Modified Interest Subvention Scheme (MISS), to provide short-term credit to farmers at subsidised interest rates.
Source: Economic Survey 2023