Supreme Court Flags Excess Records as Cause of Delays in Corruption Case Prosecutions  ||  Supreme Court: Outgoing Partner’s Share Valued on Assessment Date, Not Dissolution Date  ||  Supreme Court Acquits Two Murder Convicts, Finds Prosecution Story Suspicious  ||  SC Restores SEBI Fraud Proceedings against Vedanta over 2014 Share Buyback  ||  CCI Rejects Kerala Private Bus Operators’ Challenge to Free KSRTC Travel for Women  ||  Chhattisgarh HC: Sharia Body can't Decide Muslim Woman's Marital Status or End Marriage  ||  MP High Court: Adult Woman Can Become Jain Saadhvi Despite Parents’ Opposition  ||  MP High Court Quashes 70%-80%-90% Pay Rule for Class III, IV Staff during Probation  ||  SC: Pre-2015 NH Act Awards Must Follow 1894 Act for Solatium and Interest  ||  SC: Service Rendered Before Regularization Must Be Counted for Pension Benefits    

Interest Subvention (IS) and Prompt Repayment Incentive (PRI) for Short Term Crop Loans during the years 2018-19 and 2019-20: Extended Period on account of Covid-19- (Reserve Bank of India) (21 Apr 2020)

MANU/RMIC/0073/2020

Banking

1. Please refer to circular FIDD.CO.FSD.BC.No.15/05.02.001/2018-19 dated March 7, 2019 regarding Interest Subvention Scheme for Short Term Crop Loans during the years 2018-19 and 2019-20.

2. In the wake of the nationwide lockdown due to outbreak of Covid -19 pandemic and the resultant restrictions imposed on movement of people, many farmers are not able to travel to bank branches for payment of their short term crop loan dues. As per RBI circular dated March 27, 2020 regarding Covid 19-Regulatory Package, moratorium has been granted for three months on payment of installments falling due between March 1, 2020 and May 31, 2020 in respect of all term loans including short term crop loans.

3. Accordingly, to ensure that farmers do not have to pay penal interest and at the same time continue getting the benefits of interest subvention scheme, Government has decided to continue the availability of 2% IS and 3% PRI to farmers for the extended period of repayment upto 31.05.2020 or date of repayment, whichever is earlier, for short term crop loans upto Rs. 3 lakh per farmer which have become due between March 01, 2020 and May 31, 2020.

4. Banks are therefore advised to extend the benefit of IS of 2% and PRI of 3% for short term crop loans upto Rs. 3 lakh to farmers whose accounts have become due or shall become due between March 1, 2020 and May 31, 2020.

5. All other terms and conditions remained unchanged.

Tags : INTEREST SUBVENTION   EXTENSION   COVID-19  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved