Punjab CM Mann announces hike in cooperative loan limit for various crops

Punjab Chief Minister Bhagwant Mann on Tuesday announced an increase in the cooperative loan limit for various crops for Kisan Credit Card holders in the state.

Addressing the media here, Mann said the state government has taken a decision to bring changes in the policy for Kisan Credit Card (KCC) holders to make it more pro-farmer.

He said the credit limit for the wheat crop has been hiked from Rs 24,300 per acre to Rs 30,000 per acre. For the first time, a sum of Rs 2,000 per acre as a loan will be given for the management of crop residue, he said.

The loan limit of sugarcane crop has been increased from Rs 44,000 per acre to Rs 1 lakh per acre, Mann said.

He further said new crops have been added under the KCC scheme, whereby loans will be given to farmers as part of the state government’s efforts to boost crop diversification in the state.

He informed that a sum of Rs 2,000 per acre will be given on poplar farming, Rs 13,000 per acre on bamboo, Rs 23,000 per acre on ‘jamun’, Rs 30,000 per acre on lemon grass, Rs 1.57 lakh per acre on garlic, Rs 92,686 per acre on Rabi onion crop and Rs 80,981 per acre on hybrid tomatoes.

On fruits, Mann said for dragon fruit, a Rs 47,000 per acre loan will be given.

He said in fisheries, the loan limit has been hiked from Rs 2.50 lakh to Rs 3 lakh per hectare, and the loan limit of Rs 4.50 lakh per hectare on white shrimps has been increased to Rs 5.50 lakh per hectare.

Mann further said the financial position of cooperative banks will also be improved.

In Punjab, cooperative banks offer loans at a 7 per cent interest rate, which is the lowest, he claimed.