Wednesday , October 20 2021

Coronavirus (Covid-19): Good news for farmers, Modi government takes a big decision regarding crop loan interest

Mumbai: Coronavirus (Covid-19): The Narendra Modi (Narendra Modi) government of the Center has given a rebate of two percent in interest on crop loans and three percent on prompt repayment to farmers in view of the lockdown implemented for prevention of coronavirus epidemic. It has been decided to continue the incentive until 31 August 2020. In April, interest rebate and quick repayment incentives were extended till the end of May. The Reserve Bank (RBI) in a notification asked banks to give the benefit of these two schemes to farmers on short-term crop loans.

On 23 May 2020, the Reserve Bank of India approved the extension of the exemption by three months. On 23 May 2020, all lending institutions were allowed to extend the Moratorium Period by three months from payment of loan installments. The Reserve Bank said in the notification that to ensure that farmers do not have to pay much interest during the extended period of moratorium, the government will continue to give two percent interest rebate and three percent prompt payment incentive to farmers till August 31, 2020. Has decided.

Tafe helped small farmers in farming on one lakh acres of land

Tractors and Farm Equipment Limited (TAFE), a farm equipment manufacturer, has helped small farmers to cultivate more than one lakh acres of land in the last two months through free tractor rental service. The company said in a statement on Thursday that there is a lot of demand for this service in Rajasthan, Uttar Pradesh, and Tamil Nadu. The company said that under this offer, it is offering free tractor renting services to help small farmers through the Zepharm Services platform. This offer is for 90 days and is available until 30 June 2020. The company claims that by taking advantage of this service, small farmers have cultivated more than one lakh acres of land.

The company said that 38,900 Massey Ferguson and Eicher tractors and 1,06,500 other devices were registered on the Zepharm Services platform under this offer. Small farmers hired them through Zepharm Services. The company paid the rent on behalf of small farmers to the tractor and equipment owners. This benefited small farmers as well as tractor owners.

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