Latest news with #KisanCreditCard
Time of India
2 hours ago
- Business
- Time of India
Fewer borrowers, bigger burden: Punjab's Kisan Credit Card debt rose Rs 2cr per day in 4 years, now Rs 57,536 cr
1 2 Chandigarh: Despite being the agricultural heartland of India, Punjab continues to grapple with a mounting debt burden under the Kisan Credit Card (KCC) scheme —a trend that highlights deepening financial stress in the state's farm economy. This rise in outstanding loans — which was Rs 2 crore every day — has occurred despite a drop in the number of active KCC accounts, raising questions over repayment capacity and increasing dependency on credit among farmers. According to data presented in the Lok Sabha by the Union ministry of finance in response to a query by BJP MP Rajesh Naranbhai Chudasama, Punjab's outstanding loan amount under KCC scheme rose from Rs 54,526 crore in March 2021 to Rs 57,536 crore in March 2025 — an increase of Rs 3,010 crore (5.52%). Give than there were nearly 1,500 days in this time period, the credit burden rose nearly Rs 2 crore every day. During the same period, the number of operative KCCs declined from 2.244 lakh to 2.168 lakh, indicating a high per-card loan exposure. The KCC scheme, launched in 1998, was designed to provide timely and hassle-free credit to farmers for activities such as crop production, post-harvest expenses, and working capital for agricultural assets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unsold 2021 Cars Now Almost Free - Prices May Surprise You Unsold Cars | Search Ads Learn More Undo It is implemented through commercial banks, cooperative banks, and regional rural banks. The Modified Interest Subvention Scheme (MISS) offers an interest subvention of 1.5% on short-term working capital loans up to Rs 3 lakh at 7% interest, with an additional 3% incentive for prompt repayment. While Punjab's loan growth is modest in percentage terms, the increasing liability despite fewer cardholders underlines a worrying trend. In Haryana, loans grew Rs10,055cr In comparison, Haryana has seen a more pronounced rise in both card issuance and debt levels. The number of active KCCs in Haryana grew from 2.264 lakh in 2021 to 2.4 lakh in 2025, while outstanding loans surged by Rs 10,055 crore—from Rs 45,356 crore to Rs 55,411 crore, a 22.2% rise. 44.4% rise in Himachal Pradesh In Himachal Pradesh, the rise has been even sharper in percentage terms. The hill state's outstanding KCC loan increased from Rs 6,626 crore in 2021 to Rs 9,572 crore in 2025, marking a 44.5% increase. The number of KCC holders also went up from 39,200 to 51,000, reflecting improved credit access but also a growing credit footprint. KCC loans now at Rs 10.2L cr in India Nationally, the outstanding loan under the KCC scheme has ballooned to Rs 10.2 lakh crore as of March 2025, up from Rs 7.53 lakh crore in 2021. The govt has reiterated that to support timely repayments and reduce defaults, farmers are provided incentives for prompt repayment, alongside subsidised interest rates through MISS.
Time of India
a day ago
- Business
- Time of India
Arunachal min gives 28cr agri loans to boost rural livelihood
1 2 Itanagar: Arunachal Pradesh agriculture minister Gabriel D Wangsu on Wednesday distributed agricultural loans worth Rs 28.17 crore to 282 beneficiaries across the state during a Monsoon Credit Outreach Programme organised by the State Bank of India (SBI) at Doimukh near here. The programme, aimed at deepening financial inclusion and promoting sustainable agricultural livelihoods, also witnessed the distribution of 50 loan sanction letters to farmers, self-help groups (SHGs), and young entrepreneurs from various districts, an official statement said. Terming the initiative a major push for women empowerment, rural entrepreneurship, and agricultural growth, Wangsu urged beneficiaries to utilise the funds judiciously and leverage central and state-sponsored schemes effectively. "It is heartening to see farmers, SHGs, and budding entrepreneurs confidently advancing towards self-reliance through schemes like the Kisan Credit Card (KCC), Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME), and Farmer Producer Organisations (FPO)," he said. Following the loan distribution, the minister chaired a high-level review meeting with SBI Chief General Manager Prabhas Bose, Deputy General Manager Amit Kumar, Regional Manager Rakesh Kumar, and senior officials from the departments of agriculture, fisheries, animal husbandry, veterinary & dairy, and rural development. The deliberations focused on strengthening the institutional credit ecosystem and enhancing coordination to accelerate sectoral growth under the state's flagship Atma Nirbhar initiatives. "There is an urgent need to bridge the gaps between policy, practice, and financing," Wangsu said, highlighting the potential of the agriculture and allied sectors as engines of rural prosperity.
Time of India
2 days ago
- Business
- Time of India
Ranking index for banks to boost lending performance: Dy CM
Patna: Deputy CM Samrat Choudhary on Tuesday said the state govt has given its approval to create a ranking index to improve the performance of banks and ensure their accountability. Banks getting less than 40 marks on the index will be deprived of state schemes and govt deposits, he said. "This is like an alarm for the banks. Only those banks which score a minimum of 40 marks on this index will be included in the state govt schemes and only they will be allowed to accept govt deposits and do banking transactions with public sector undertakings, authorities and societies," said Samrat, who is also the finance minister of the state. This index has been prepared on the basis of banking performance—achievement of the target of annual credit plan, increase in credit-deposit ratio, loan distribution in priority sectors like agriculture, animal husbandry, fisheries etc., loan availability to self-help groups, and participation in govt schemes like Mudra Yojana, Kisan Credit Card, PMEGP etc, he said. The deputy CM said the role of banks is important in the economic development of the state. "Their work is not limited to keeping the savings safe but it also strengthens the economic pace of the state. By providing loans in agriculture, industry, trade, service, education and other sectors, banks also help in creating employment opportunities. Keeping in mind this important role of banks, a target for credit receipt is fixed for them under the Annual Credit Plan through the State Level Bankers Committee at the beginning of the financial year," he said. He further said during the FY 2024-25, most of the banks failed to achieve these targets. "The credit-deposit ratio of the state is also currently lower than the national average," Samrat said.
Hindustan Times
15-07-2025
- Politics
- Hindustan Times
Officials must step up efforts to help people: Anurag in Himachal's Mandi
BJP MP from Hamirpur and former Union minister Anurag Thakur on Monday visited the disaster-hit areas of Mandi district and met the affected families in Bagsaid, Thunag and Seraj Bazar of the Seraj assembly constituency. BJP MP Anurag Thakur with leader of Opposition Jai Ram Thakur visits disaster-hit areas in Mandi on Monday. (PTI) Along with distributing relief, Thakur also issued necessary instructions to officials regarding relief and rehabilitation work. 'The scale of the natural disaster in Himachal, especially in the Mandi region is extremely alarming. The tragedy has caused damage worth thousands of crores, and the loss of life and property is deeply distressing,' he said. 'In this hour of grief, the BJP has remained active on the ground to support the people. We have distributed relief material such as ration, utensils, medicines, and provided medical assistance—and we will continue to do so. Our elected representatives are doing their part and will keep working. As for central government support, the army and NDRF have extended help in the past, and the Centre continues to do so. There has never been any shortage of support from the Centre—and there never will be,' he said. State govt committed to provide all possible help: Health minister Meanwhile, Himachal health minister Dhani Ram Shandil also visited the disaster affected areas in Seraj on Monday and took stock of the damage and relief and rehabilitation work. He met the disaster affected people and expressed the commitment of the state government to stand united with them and provide all possible help. He said that the state government has taken effective steps for relief and rehabilitation work in Seraj assembly constituency. 'The state government has released seven crore rupees to the Seraj area with immediate effect. The families who became homeless in the disaster will be provided ₹7 lakh for house construction and five thousand rupees per month as house rent for six months. The state government will also give compensation for the goods and livestock of damaged houses,' the minister said. Shandil said that the revenue officials have been instructed to assess all types of damage. 'The damage caused to flower cultivation and apple cultivation will be assessed. The state government will consider bringing a one-time policy for rehabilitating the disaster affected people,' he said. Waive off KCC loans of disaster affected people: Jai Ram Meanwhile, leader of Opposition Jai Ram Thakur said that due to the disaster, all structures related to horticulture, agriculture and floriculture have been completely destroyed. 'These sectors are the main sources of livelihood for the people here and their devastation has left many struggling. Many farmers had undertaken this work by taking loans through the Kisan Credit Card. Now, with everything destroyed, the loans remain while the means to repay them are gone. Therefore, I urge the government to make arrangements to waive off the Kisan Credit Card loans of the disaster-affected people so they can be spared the double burden of a natural disaster and bank interest,' he said.
The Hindu
13-07-2025
- Business
- The Hindu
From hotel cancellation to loss of baggage, Ahmedabad air crash victims opted for array of insurance
From hotel booking cancellations to loss of baggage, and from accidental death coverage to trip plan withdrawals, insurance companies have received a range of claims from the kin of the Ahmedabad Air India plane tragedy victims. The incident has triggered claims under various insurance categories like travel, personal accident, and life insurance, including those from Kisan Credit Card holders. 'We have received claims primarily under travel insurance and personal accident insurance products. These include accidental death, trip cancellations, loss of baggage and hotel cancellations.' "At ICICI Lombard, we are working on a priority basis to provide seamless assistance and ensure timely settlement. We remain committed to supporting our policyholders and their families during this difficult time," Priya Deshmukh, Head Health Products, Operations & Services, ICICI Lombard, said in response to a query by PTI. On June 12, the London-bound Boeing 787 Dreamliner began to lose thrust almost immediately after taking off from the Ahmedabad airport and ploughed into a medical college hostel in Meghaninagar area, killing all but one of the 242 onboard and another 19 on the ground in the deadliest aviation accident in a decade. Bajaj Allianz General Insurance said it has received claims related to personal accidents and marine cargo. "We have received three claims related to travel personal accidents coverage and one under marine cargo insurance," Bajaj Allianz General Insurance said in response to a PTI query. Marine cargo insurance typically covers goods in transit via road, rail, air, sea, or courier. Personal accident claims have emerged as a significant category, second only to life insurance. However, most insurers have refrained from disclosing the exact number or details of claims, citing the ongoing process of receiving formal requests from the families of the deceased. In one notable case, a group personal accident policy covering 4,000 people in Mehsana district resulted in a claim settlement within a week of the crash, a representative of the insurer said. A New India Assurance official said the company has settled seven claims related to personal accidents and five group personal accident claims. One claim of ₹50,000 was availed under the Kisan Credit Card scheme. Immediately after the accident, the Insurance Regulatory and Development Authority of India (IRDAI) issued directives to fast-track the settlement of claims. In a circular dated June 14, the IRDAI asked all insurance companies to submit weekly updates on claims from June 16 onwards and further directed them to appoint nodal officers, waive formalities such as FIRs and postmortem reports, and expedite disbursals under life and personal accident policies. Company representatives said they have been expediting the claims received from the families. They said several kin are still grappling with the loss and would eventually approach them if there are any claims. Axis Max Life Insurance COO Manu Lavanya said that under the company's InstaClaim process, "we were able to settle a claim for one of the victims of the tragedy within just three hours, which reflects our focus on empathetic action when it matters most."
