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rising inflation for farmers In order to provide relief from this, Reserve Bank of India (RBI) has announced to give loan up to Rs 2 lakh without guarantee. At present this limit is Rs 1.6 lakh.
rising inflation for farmers In order to provide relief from this, Reserve Bank of India (RBI) has announced to give loan up to Rs 2 lakh without guarantee. At present this limit is Rs 1.6 lakh.
Loan up to ₹ 2 lakh will be available without guarantee
Giving information about the monetary policy review, RBI Governor Shaktikanta Das said on Wednesday, ‘In view of inflation and increase in the cost of raw materials used in agriculture, the limit of guarantee-free agricultural loan has been increased from Rs 1.6 lakh to Rs 2 lakh. It has been decided.
Small farmers will get benefits
He said that this will increase the scope for small and marginal farmers to take loans from financial institutions. It is noteworthy that in 2010, RBI had fixed the limit of giving loans to agriculture sector without any guarantee at Rs 1 lakh. Later in 2019, it was increased to Rs 1.6 lakh.
RBI said that a circular in this regard will be issued soon.