RBI gives big gift to farmers, they will get loan of Rs 2 lakh without interest

Mumbai/New Delhi, 06 December (Hindustan Reporter). Reserve Bank of India (RBI) has given a big gift to the farmers. RBI Governor Shaktikanta Das on Friday announced to provide loans up to Rs 2 lakh for farmers without any guarantee. At present this limit is Rs 1.6 lakh.

Giving information about the decision taken in the review meeting of the Monetary Policy Committee (MPC), Reserve Bank Governor Shaktikanta Das said that 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 to Rs 1.6 lakh. It has been decided to increase it from Rs 2 lakh to Rs 2 lakh.

Shaktikanta Das said that the Reserve Bank has taken this decision with the aim of providing relief to the farmers troubled by rising inflation. He said that this will increase the scope of small and marginal farmers to take loans from financial institutions. RBI told the Governor that a circular in this regard will be issued soon.

It is noteworthy that in 2010, RBI had set a limit of Rs 1 lakh to be given to the agriculture sector without any guarantee. After this, in 2019 it was increased to Rs 1.6 lakh.