Know Everything About Krishi Rin Samadhan Yojana.
Madhya Pradesh State government has announced the approval of a relief scheme for state farmers. The scheme, known as the Krishi Rin Samadhan Yojana, is a type of debt relief scheme that is intended to waive interest on loan amounts for state farmers. This scheme is also known as the Madhya Pradesh Loan Waiver Scheme because it will function as a loan waiver, easing the burden on MP farmers. The Krishi Rin Samadhan Yojana is examined in depth in this article.
About Krishi Rin Samadhan Yojana
Madhya Pradesh State government has announced the approval of a relief scheme for state farmers. The scheme, known as the Krishi Rin Samadhan Yojana, is a type of debt relief scheme that is intended to waive interest on loan amounts for state farmers. This scheme is also known as the Madhya Pradesh Loan Waiver Scheme because it will function as a loan waiver, easing the burden on MP farmers. The Krishi Rin Samadhan Yojana is examined in depth in this article.
Objective of the Scheme
This scheme aims to develop agricultural activities in the state while also assisting farmers with debt relief. Under the scheme, farmers will be able to pay their debts to their respective banks in equal installments.
Benefits of Krishi Rin Samadhan Yojana
- The Madhya Pradesh government will waive farmers' interest on agricultural loans under this scheme. This scheme will be available to approximately 17 lakh 78 thousand farmers.
- Farmers will be required to repay their loan in two equal installments, with the first installment due on the specified date.
- The farmer will receive interest relief on his loan after completing 50 percent of the loan amount, as well as a new credit limit for agricultural loans.
- After the farmer has paid the first installment of his loan, the interest on the second installment will be waived. And the remainder will be converted to a cash loan with a 0% interest rate.
- The Madhya Pradesh government has set aside 2600 Crores for this scheme.
- This loan apology will be made in an 80:20 split between the government and the bank. These farmers will be given a new credit limit in order to obtain government loans again. The government will provide 80 percent of the loan waiver under this scheme, with the private sector providing the remaining 20 percent.
- This loan forgiveness scheme will help Madhya Pradesh farmers who are in debt.
Scope of the Scheme
The MP government provides Rs. 1 Crore to the family of a deceased farmer and Rs. 5 lakhs to farmers who have been critically injured.
Procedure of Claim
The process of assessing and settling claims is automated, and the claim amount is credited to the bank account of the covered farmers. Farmers or middlemen who are insured are not needed to complete any documentation.
Also Read: Apply Online- Deen Dayal Antyodaya Yojana-NRLM Registration Form 2022
