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[Banking] Continuation Of Interest Subvention Scheme For Short-term Crop Loans On Interim Basis During 2017-18

RBI Notification FIDD.CO.FSD.BC.No.29/05.02.001/2016-17 dated May 25, 2017 to The Chairman / Managing Director, All Public & Private Sector Scheduled Commercial Banks

Please refer to our Circular FIDD. CO. FSD. BC. No 9/05.02.001/2016-17 dated August 4, 2016 on Interest Subvention Scheme for Short-term Crop Loans 2016-17 wherein we had advised the continuation and implementation of the Interest Subvention Scheme for the year 2016-17. As regards the Scheme for the year 2017-18, Ministry of Agriculture & Farmers Welfare, Government of India (GoI) has informed that they have initiated the process for continuation of the Interest Subvention Scheme.

2. In view of the above, it has been decided by GoI, as an interim measure, to implement the Interest Subvention Scheme for the year 2017-18 till further instructions are received, on the terms and conditions approved for the Scheme for 2016-17, as contained in the above cited circular. All banks are, therefore, advised to take note and implement the Interest Subvention Scheme for 2017-18 accordingly.

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