Krishak Sahakari Rin Mitra Yojana

Krishak Sahakari Rin Mitra Yojana

Krishak Sahakari Rin Mitra Yojana

The State Government of Madhya Pradesh has launched Krishak Sahakari Rin Mitra Yojana for the welfare of the farmers in the state. As stated by the Chief Minister of Madhya Pradesh, Shivraj Singh Chauhan, the primary objective behind the implementation of this scheme is to encourage farmers to repay the agricultural or crop loans acquired by them, within the stipulated time given by the banks. It is also decided that under this scheme, the farmers who pay back the loan on time will get rewarded.

Krishak Sahakari Rin Mitra Yojana

During the occasion of 64th All India Cooperative Week, the cooperative department of Madhya Pradesh announced two new schemes which are inclusive of ‘Farmer Cooperative Loan Friends Scheme’ or ‘Krishak Sahakari Rin Mitra Yojana’ on November 2017. The names and relevant details of these farmers are registered on the Board of Cooperative Society. The State Government is also planning to form a federation to maintain these records at the state level. This may result in generating new employment opportunities for the youth of both village and district levels.

Salient Features of this Scheme

  • The implementation of this scheme is accomplished from district to state level, and hence, the execution of it is made much simpler.
  • Under Krishak Sahakari Rin Mitra Yojana, the farmers who repay their loans consecutively for three or five years will be rewarded on a district level or state level respectively.
  • The core purpose of this scheme is to maintain a stable balance between the repayment of loans acquired and further sanctioning of loans.
  • Farmers who benefited from the Krishak Sahakari Rin Mitra Yojana can repay the loan obtained within a span of five years. And this can also increase the probability of receiving further loans in future.
  • Cooperative Societies have been exposed to various new areas such as transportation, medicine and tourism.
  • Apart from the above merits, some
  • workshops are also organised at the Primary Cooperative Societies level in the upcoming months to promote Government Schemes.
  • On account of Krishak Sahakari Rin Mitra Yojana, the government has initiated the process of arranging employment and enterprise opportunities for the young graduates based on their qualifications and the local needs.

Major Details of Krishak Sahakari Rin Mitra Yojana

  • Under Krishak Sahakari Rin Mitra Yojana, the government will provide relaxation of INR 10,000 on a loan amount of INR 1 Lakh. (The farmers are expected to pay only INR 90,000)
  • Farmers usually take agricultural or crop loans at specified intervals. And despite the delay due to the price drop, drought and other reasons many of the loan payers choose to repay the loans within the stipulated time.
  • The Chief Minister of Madhya Pradesh stated that such farmers who are credible to the Government and repay their loans on time despite encountering with many difficulties should be honoured.
  • And hence, it is decided by the State Government that, as an act of appreciation, the names of these farmers who paid back the loans within 3 or 5 years will be displayed on the noticed boards of the Cooperative Societies.
  • It is evident from the surveys that even on providing loans with absolutely zero interest rates, the farmers are not repaying the loan amount, many districts face exceedingly low loan recovery percentage which accounts to lesser than 15 per cent.
  • Due to this, the financial revenue generated by the banks is also significantly affected. Thus, in order to rectify all these issues, the Government initiated the Krishak Sahakari Rin Mitra Yojana.

Eligibility Criterion

In order to avail Krishak Sahakari Rin Mitra Yojana, the applicant should satisfy the following conditions,

  • The Krishak Sahakari Rin Mitra Yojana is applicable only for native farmers.
  • Only the farmers who repay the loan amount within the stipulated time will be awarded.

To know more about similar schemes visit, Krishi Rin Samadhan Yojana

Other Related Guides

YSR Rythu Bharosa YSR Rythu Bharosa The Andhra Pradesh government has announced a scheme for farmers called YSR Rythu Bharosa Scheme. The government has advanced the i...
Bihar Rajya Fasal Sahayata Yojana Bihar Rajya Fasal Sahayata Yojana Bihar Rajya Fasal Sahayata Yojana is an initiative of the Government of Bihar, the purpose of which is to incentivi...

Post by Ramya Arul Rose

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.