BHARAT

Agriculture Secretary of Ministry of Agriculture and Farmers Welfare launches  BHARAT for Banks under Agri Infra Fund

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 BHARAT  Agriculture Secretary of the Ministry of Agriculture and Farmers Welfare had launched a new campaign for banks under the name BHARAT.

What is the BHARAT?

 BHARAT or Banks Heralding Accelerated Rural & Agriculture Transformation is the 1-month campaign to be attended by  100 Banking Executives including MDs/Chairman, EDs of Commercial Banks in the public and private sector, Regional Rural Banks, Small Finance Banks, NBFCs and select cooperative Banks, with the target of 7,200 crores. On this occasion, Joint Secretary of Agriculture Infrastructure Fund (AIF), Samuel Praveen Kumar congratulated the official for r 31,850 agricultural infrastructure projects in the country with a loan amount of 24,750 crores. 

Benefits of Agriculture Infrastructure Fund

Interest Subvention: Interest Subvention of 3% is available on all loans up to a limit of Rs.2 crore. This rebate is available for a maximum period of 7 years.

Credit Guarantee Coverage: eligible borrowers can avail of credit guarantee coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises Scheme (CGTMSE). This is provided for loans up to Rs.2 crore and the fee is paid by the government.

FPO: Farmers Producer Organization can avail of credit guarantee coverage under the FPO Promotion Scheme of the Department of Agriculture, Cooperation and Farmers Welfare (DACFW).

Repayment Moratorium: Repayment Moratorium may vary under this financial facility. The minimum moratorium period is 6 months and the maximum is 2 years

What is the BHARAT?

BHARAT or Banks Heralding Accelerated Rural & Agriculture Transformation is a 1-month long campaign which will run for a month from 15th July 2023 to 15th August 2023 with a target of raising 7200 crore.

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