The Reserve Bank has given relief to crores of farmers amid the ongoing nationwide lockdown due to Corona infection. This relief will be provided to crores of farmers of the country who take crop loans from banks through Kisan Credit Card. The Reserve Bank of India has extended the period for repaying the next installment of the crop loan to 31 May.
Apart from this, RBI has also provided relief in the interest rates of farmers. Now farmers can repay the next installment of their crop loan till May 31 at the old rate of only 4% per annum.
A letter was issued on Wednesday on behalf of the Reserve Bank on this subject. It has been clarified in this letter that along with the benefit of a three months moratorium on crop loans due to the Corona crisis, farmers will not have to pay punitive interest for three months.
Source: Outlook
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