Business & Economy

Bihar Government Announces Interest-Free Farm Loans for Farmers

In a significant move towards bolstering the agricultural sector and uplifting the economically weaker section of farmers in Bihar, the state government has unveiled a groundbreaking initiative to provide interest-free, short-term agricultural loans. This initiative is specifically designed to benefit farmers holding Kisan Credit Cards (KCC), marking a pivotal step in the government’s commitment to the welfare of stakeholders associated with the cooperative sector.

According to reports from PTI, the Additional Chief Secretary (ACS) of the Bihar Cooperative Department, Deepak Kumar Singh, announced that farmers in the state would soon have access to interest-free loans from state cooperative banks. These short-term agricultural loans aim to cater to post-harvest expenses and meet the financial needs of various agricultural and allied activities.

Emphasizing the government’s dedication to supporting farmers, ACS Deepak Kumar Singh highlighted the comprehensive efforts being undertaken by the state government. The core strategy involves extending interest-free, short-term agricultural loans to farmers who possess Kisan Credit Cards. This targeted approach is geared towards providing crucial financial assistance to farmers engaged in diverse agricultural practices. To reinforce the infrastructure supporting agriculture, the government has outlined plans to transform Primary Agricultural Credit Societies (PACS) into Common Service Centres (CSCs).

This strategic decision is poised to empower these centers to offer 300 common services to rural residents, thereby enhancing accessibility and convenience. As part of the implementation process, the government has initiated the development of 1,000 PACS into common service centers, signaling a proactive approach towards the fulfillment of this ambitious plan. This transformative step was revealed during a program commemorating the 70th All India Cooperative Week 2023.

During the event, Bihar Cooperative Department Minister Surendra Yadav reaffirmed the state government’s commitment to the cooperative societies and farmers alike. Stressing the vital role played by small and marginal farmers in the overall development of the state, Minister Yadav announced the forthcoming introduction of several incentives tailored to benefit farmers. The cooperative banks, under the government’s aegis, have consistently demonstrated profitability while effectively implementing procurement and other cooperative schemes. This landmark decision to provide interest-free loans to farmers holds immense promise for the economically weak agricultural community.

By extending a helping hand to those in need, the government aims to fortify the foundations of agriculture and ensure that farmers receive the support required for sustainable and prosperous farming practices. As these initiatives take shape, it is anticipated that a substantial number of economically vulnerable farmers will experience a positive transformation in their farming endeavors, contributing to the overall development of the agricultural landscape in Bihar.

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