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The Kisan Credit Card (KCC) scheme is a credit scheme introduced in August 1998 by Indian public sector banks to issue kisan credit card to the farmers of India.This model scheme was prepared by the National Bank for Agriculture and Rural Development (NABARD) on the recommendations of the R. V. Gupta Committee [1] to provide advances for agricultural needs.
Priority sector lending is lending to those sectors of the economy which may not otherwise receive timely and adequate credit. This role is assigned by the Reserve Bank of India to the banks for providing a specified portion of the bank lending to few specific sectors like agriculture and allied activities, micro- and small enterprises, education, housing for the poor, and other low-income ...
NABARD's role in rural development in India is phenomenal. [30] The credit flow to agriculture activities sanctioned by NABARD reached Rs 1,57,480 crore in 2005–2006. [citation needed] Through assistance of the Swiss Agency for Development and Cooperation, NABARD set up the Rural Innovation Fund.
The premium rates vary from 1.5 percent to 3.5 percent of sum assured for food crops. In the case of horticultural and commercial crops, actuarial rates are charged. Small and marginal farmers are entitled to a subsidy of 50 percent of the premium charged- the subsidy is shared equally between the Government of India and the States.
The first Land Development Bank was started at Jhang in Punjab in 1920. However, real progress began when the land development bank was established in Chennai in 1929. [2] Not only that, land banks, land mortgage banks, agriculture banks, agriculture development banks are now called land development banks in modern world.
Joint liability groups are a concept established in India in 2014 by the rural development agency, National Bank for Agriculture and Rural Development (NABARD) to provide institutional credit to small farmers. [1] [2]
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A District Co-operative Central Bank (DCCB) is a rural cooperative bank operating at the district level in various parts of India. [1] [2] It was established to provide banking to the rural hinterland for the agricultural sector with the branches primarily established in rural and semi-urban areas.