Government extends interest subvention schemes to banks to ensure farmer loans

Q.  Why did the Union Government on 21st July’15 extend Interest Subvention Scheme (ISS) to Public Sector Banks (PSBs), private sector commercial banks, rural regional banks (RRBs), cooperative banks and NABARD?
- Published on 25 Jul 15

a. To ensure availability of crop loans of up to 5 lakh to farmers at 6% per annum
b. To ensure availability of crop loans of up to 10 lakh to farmers at 2.5% per annum
c. To ensure availability of crop loans of up to 3 lakh to farmers at 7% per annum
d. To ensure availability of crop loans of up to 8 lakh to farmers at 8.5% per annum

ANSWER: To ensure availability of crop loans of up to 3 lakh to farmers at 7% per annum
 
The decision to continue interest subvention on short term crop loans was taken by the Union Cabinet chaired by Prime Minister Narendra Modi for the fiscal 2015-16.

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