NAFSCOB chairman welcomes Cabinet decision to restore interest subvention on short-term agri-loans

K M Dayashankar

 

KARIMNAGAR:  The newly-formed Union Ministry of Cooperation had succeeded in taking the pleas made by the NAFSCOB for the revival of the interest subvention on short-term agricultural loans to convince the Union Cabinet to take a decision for restoration of interest subvention of 1.5 per cent on short-term agricultural loans.

Responding to the plea made by the NAFSCOB chairman Konduru Ravinder Rao and its members during the one-day National Conference of Rural Cooperative Banks organised in New Delhi on August 12 which was attended by Union Minister for Cooperation Amit Shah, the Union Cabinet on Wednesday (August 17) taken a decision to revive the interest subvention scheme to benefit the cooperative banks. Mr Ravinder Rao thanked Union Minister for Cooperation Amit Shah for accepting the suggestion made by the NAFSCOB in the interest of farmers and the cooperative’s financial health.

The interest subvention will ensure the sustainability of credit flow in the agriculture sector as well as the financial health of lending institutions, he stated. This scheme will lead to the generation of more employment since short-term agricultural loans are provided for all kinds of activities, including animal husbandry, dairying, poultry and fisheries etc, he added.

 

 

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