Govt. To Set Up 328 Agricultural Machinery Banks That Will Provide 80% Subsidy

There is wonderful news for the farmers. The Bihar Government will establish 328 agricultural machinery banks in 13 districts across the state.

In addition, 25 Special Custom Hiring Centers would be established in the Patna and Magadh districts. The government would provide 80 percent subsidy on the equipment under both the schemes. However, the maximum grant amount has been set at Rs.8 lakh for Yantra banks and Rs.12 lakh for special banks.

80% Subsidy:

Both the schemes will begin during the Rabi season. During the Rabi season, 40 thousand farmers would be exposed and given technical training. By accompanying them to the field, these farmers will be shown the continuing schemes in climate-friendly farming. When Chief Minister Nitish Kumar launched the Rabi Maha Abhiyan, the Agriculture Department made public the new initiatives created for it.

Grant Allocation:

The Agriculture Secretary directed that all the schemes incorporate weather-friendly farming as well as stubble management.

The department has declared that no device would receive more than a 50% subsidy. However, on the secretary's instructions, the grant for stubble management equipment might be enhanced under unusual conditions. As a result, the department has set aside an 80 percent subsidy for Yantra banks.

Yantra Bank will be founded by farmer groups. Those in charge of setting up the group will have to rent agricultural equipment to local farmers. The group's income will also be generated as a result of this.

Where will these banks be situated?

Machine banks would be established exclusively in aspirational districts like Nawada, Katihar, Begusarai, Sheikhpura, Araria, Khagaria, Purnia, Aurangabad, Banka, Gaya, Jamui, Muzaffarpur and Sitamarhi, according to the new system. 

Only Patna and Magadha districts will have 25 unique hiring centres. Both schemes will be implemented concurrently in the Magadha division's Gaya and Nawada districts.