Collateral-free Agriculture Loan: With the aim of providing relief to farmers from rising inflation, the Reserve Bank of India (RBI) has announced to provide loans up to Rs 2 lakh without guarantee. Currently this limit is Rs 1.6 lakh.
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Collateral-free Agriculture Loan: With the aim of providing relief to farmers from rising inflation, the Reserve Bank of India (RBI) has announced to provide loan up to Rs 2 lakh without guarantee. Currently this limit is Rs 1.6 lakh.
Loan up to ₹ 2 lakh will be available without guarantee
Giving information about the monetary policy review, RBI Governor Shaktikanta Das said on Wednesday, “In view of inflation and the increase in the cost of raw materials used in agriculture, it has been decided to increase the limit of guarantee-free agricultural loan from Rs 1.6 lakh to Rs 2 lakh.”
Small farmers will benefit
He said that this will increase the scope of small and marginal farmers to take loans from financial institutions. It is worth mentioning that in 2010, RBI had set a limit of Rs 1 lakh to give to the agriculture sector without any guarantee. Later, in 2019, it was increased to Rs 1.6 lakh.
RBI said that a circular in this regard will be issued soon.
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