Rs 30,000 Crore Additional Emergency Working Capital Funding for Farmers Announced by Finance Minister

New Delhi : Finance Minister Nirmala Sitharaman is giving information about the second installment of the Rs 20 lakh crore package announced by Prime Minister Narendra Modi amid Corona crisis. On Wednesday, major announcements were made for the MSME sector, after which announcements are now being made for other sectors. The press conference has begun.

The finance minister announces Rs 30,000 crore additional emergency working capital funding for farmers through NABARD.

“NABARD will extend additional refinance support of Rs 30,000 crore for crop loan requirements. This is over and above Rs 90,000 crore to be approved by NABARD through normal finance methods to benefit 3 crore farmers, mostly small and marginal farmers, to meet post harvest Rabi and current Kharif requirement in May/June.”, said Finance Minister Nirmala Sitharaman.

The government has announced measures for farmers, this includes :

– Rs 30,000 crore additional emergency working capital fund through NABARD
– Inadequate financial resources with small and marginal farmers
– RRBs and Rural Cooperative banks are main source for credit
– NABARD will extend additional refinance support of Rs 30,000 crore for crop loan requirement of rural coop banks and RRBs
– This is over and above Rs 90,000 crore to be provided by NABARD through normal refinance route during this year
– Front-loaded on-tap facility to 33 state coop banks, 351 district coop banks and 43 RRBs available on tap based on their landing
– To beneift around 3 crore farmers mostly small and marginal farmers
– To meet post harvest (rabi) and current kharif requirement in May/June