The central government administers the PM Kisan Samman Nidhi Yojana. Through this scheme, farmers are provided financial assistance of ₹6,000 annually in three installments of ₹2,000 each.
Beneficiaries of this scheme can also benefit from another scheme called the Kisan Credit Card Scheme. This scheme is being implemented to provide beneficiaries with access to institutional credit (affordable loans). Its primary objective is to protect farmers from the clutches of moneylenders and provide them with affordable loans for farming.
Under the KCC, farmers are provided loans up to ₹3 lakh at an interest rate of 7%. The government also provides an additional 3% rebate to farmers who repay their loans on time. This reduces the effective interest rate to just 4%.
PC: BBC
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