Agriculture Infrastructure Fund: Agri minister launches portal for faster bank settlements of interest subvention claims

Agriculture Infrastructure Fund: Agri minister launches portal for faster bank settlements of interest subvention claims

New Delhi: The Department of Agriculture and Farmers Welfare (DA&FW), Government of India and the National Bank for Agriculture and Rural Development (NABARD) have jointly developed a web portal to automate and speed up the process of settlement of interest subvention claims of banks submitted under the Agriculture Infrastructure Fund (AIF). The portal was launched by the Union Minister for Agriculture and Farmers Welfare, Shivraj Singh Chouhan in the presence of MoS for Agriculture and Farmers Welfare, Bhagirath Choudhary; Chairman, NABARD, senior officers of DA&FW and banks today.

The AIF scheme was launched in 2020, to develop post-harvest management infrastructure for reducing losses, realisation of better value to farmers, innovation in agriculture and attracting investments for the creation of an Agriculture Infrastructure Fund with a total outlay of ₹ 1 lakh crore funding through the banks and financial institutions upto 2025-26. The scheme provides for a 3 per cent interest subvention to beneficiaries of the scheme for the loans given by banks up to ₹ 2 crore for a maximum period of 7 years, besides reimbursement of credit guarantee fee paid by the banks.

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During the event, the agriculture minister said that investments worth ₹ 72,000 crore have been mobilised, with ₹ 43,000 crore already sanctioned for 67,871 projects under AIF till today. Additionally, banks can anticipate quicker settlement of interest subvention claims.

The automated system would help in calculating accurate eligible interest subvention through the portal avoiding the possible human error in manual processing and also help in faster settlement of the claims. The portal shall be used by banks and the Central Project Management Unit (CPMU) of DA&FW and NABARD. The automation of the interest subvention claim and credit guarantee fee claim processing will help the government in releasing accurate interest subvention, reduce the turn-around time and in turn help the farmers and agriculture entrepreneurs financially and encourage them to take up more such projects for the development of agriculture in the country.

Krishi Katha

The minister also launched Krishi Katha, a blogsite meant to serve as a digital platform to showcase the voice of the Indian farmers, dedicated to amplifying the experiences, insights and success stories of farmers across the country.

In the vast and diverse landscape of Indian agriculture, the voices and stories of farmers often remain uncovered. Behind every crop, every field, and every harvest, lies a narrative of resilience, struggles, challenges, and triumphs. ‘Krishi Katha’ aims to provide a comprehensive and immersive storytelling space where the narratives of India’s agricultural community can be shared and celebrated.

The agriculture minister highlighted that the launch of Krishi Katha is a significant move towards acknowledging and amplifying the voices of our farmers. He emphasised that their stories of resilience and innovation are the cornerstone of our agricultural sector, and expressed confidence that this platform will serve as a wellspring of inspiration for others.

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The objectives behind this initiative will help raise awareness, facilitate knowledge exchange, foster collaboration and empower farmers.

Farmer voices highlighted on Krishi Katha show how farmers have used innovative farming methods and benefited from different schemes of the Government to aid in their farming practices along with stories of the transformative power of community-driven farming. It aims to inspire and showcase the stories of Indian farmers, fostering a sense of pride in the farming profession and promoting resilience among farmers. In short, it provides a platform to celebrate farming and the farmers of Bharat.

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