RBI raises collateral-free agricultural loan limit to Rs 2 lakh to aid farmers
New Delhi (PTI): The Reserve Bank of India (RBI) has enhanced the collateral-free loan limit for farmers from Rs 1.6 lakh to Rs 2 lakh, effective January 1, 2025, a move aimed at supporting small and marginal farmers amid rising input costs.
The new directive instructs banks nationwide to waive collateral and margin requirements for agricultural and allied activity loans up to Rs 2 lakh per borrower.
According to the agriculture ministry, the decision comes in response to the rising input costs and the need to improve credit accessibility for farmers. "This measure will significantly benefit over 86 per cent of farmers who are small and marginal landholders," the statement said.
Banks have been instructed to implement the guidelines swiftly and ensure widespread awareness about the new loan provisions.
The move is expected to facilitate easier access to Kisan Credit Card (KCC) loans and complement the government's Modified Interest Subvention Scheme, which offers loans up to Rs 3 lakh at a 4 per cent effective interest rate.
The initiative is seen as a strategic step to enhance financial inclusion in the agricultural sector, providing farmers with much-needed financial flexibility to invest in agricultural operations and improve their livelihoods.
Agri experts view the initiative as a critical step towards enhancing credit inclusivity and supporting agricultural economic growth, addressing inflationary pressures on farming input costs.
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Another North Goa nightclub sealed; Kejriwal says corruption led to fire tragedy
Panaji (PTI): As part of a crackdown against tourist establishments violating laws and safety norms in the aftermath of the Arpora fire tragedy, Goa authorities on Saturday sealed a renowned club at Vagator and revoked the fire department NOC of another club.
Cafe CO2 Goa, located on a cliff overlooking the Arabian Sea at Vagator beach in North Goa, was sealed. The move came two days after Goya Club, also in Vagator, was shut down for alleged violations of rules.
Elsewhere, campaigning for local body polls, AAP leader Arvind Kejriwal said the fire incident at Birch by Romeo Lane nightclub at Arpora, which claimed 25 lives on December 6, happened because the BJP government in the state was corrupt.
An inspection of Cafe CO2 Goa by a state government-appointed team revealed that the establishment, with a seating capacity of 250, did not possess a no-objection certificate (NOC) of the Fire and Emergency Services Department. The club, which sits atop Ozrant Cliff, also did not have structural stability, the team found.
The Fire and Emergency Services on Saturday also revoked the NOC issued to Diaz Pool Club and Bar at Anjuna as the fire extinguishers installed in the establishment were found to be inadequate, said divisional fire officer Shripad Gawas.
A notice was issued to Nitin Wadhwa, the partner of the club, he said in the order.
Campaigning at Chimbel village near Panaji in support of his party's Zilla Panchayat election candidate, Aam Aadmi Party leader Kejriwal said the nightclub fire at Arpora happened because of the "corruption of the Pramod Sawant-led state government."
"Why this fire incident happened? I read in the newspapers that the nightclub had no occupancy certificate, no building licence, no excise licence, no construction licence or trade licence. The entire club was illegal but still it was going on," he said.
"How could it go on? Couldn't Pramod Sawant or anyone else see it? I was told that hafta (bribe) was being paid," the former Delhi chief minister said.
A person can not work without bribing officials in the coastal state, Kejriwal said, alleging that officers, MLAs and even ministers are accepting bribes.
