InvestorQ : What is PM KISAN Credit Card?
krithika Saxena made post

What is PM KISAN Credit Card?

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Anisha Awate answered.
7 months ago

In the latest government release said that the Government of India has initiated a drive in Mission Mode for fulfilling the beneficiaries of PM-KISAN (Pradhan Mantri Kisan Samman Nidhi) with the Kisan Credi Card (KCC). This action will help farmers to get short term loans for crop & animal/fish rearing a maximum interest rate of about 4% of all the payments are made timely.

The said drive has started from 10th February 2020 and ended on 25th February 2020. The central government has issued detailed instructions in this regard to the State Government and Union Territories, including managing directors & chairman of all banks. 

The instructions have been issued to have separate counters for handling such applications and ensure that fresh Kisan Credit Card, or, enhancement of the existing KCC limit, or, activation of inoperative KCC account within the shortest possible time not exceeding 14 days.

In addition to issue KCC, the government has also planned to provide farmers with social security by enrolling them for the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY). These schemes provide accident insurance and life insurance for an insured value of Rs 2 lakh against the premium amounts of Rs 12 and Rs 330 respectively. However, to roll out the farmers with the new schemes, prior approval from them is required as to whether they want to opt for the scheme or not.