RBI:
The Reserve Bank of India (RBI) extended the Modified Interest Subvention Scheme (MISS) for short-term agricultural loans through Kisan Credit Cards (KCC) for the financial year 2024-25.
Loan Limit: The scheme provides interest subvention on loans up to ₹3 lakh for crop and allied activities, such as animal husbandry, dairy, fisheries, and beekeeping.
Interest Rates: The base interest rate is 7%, with a subvention of 1.5%. An additional 3% subvention is available for timely repayments, reducing the effective rate to 4%.
Special Provisions: The scheme supports small farmers storing produce in accredited warehouses for up to six months post-harvest and offers special provisions for loans restructured due to natural calamities.
Aadhar Linkage: Aadhar linkage is mandatory for availing these benefits.
Reporting Requirements: Banks are required to report detailed data on the Kisan Rin Portal and ensure claims are certified by statutory auditors by June 30, 2025.
[RBI Notification no. RBI/2024-25/59 dated 06th August 2024]
