Daily Current Affairs : 18-March-2024

The Department of Fisheries has made an enormous move by integrating the Kisan Credit Card (KCC) Fisheries scheme onto the JanSamarth Portal. This initiative aims to offer higher access to credit for fishers, fish farmers, and other stakeholders across the country.

What is JanSamarth?

JanSamarth is a modern online platform that connects creditors directly with beneficiaries. It allows residents to access loans under specific Central government schemes. By bringing together these two parties, the platform simplifies the borrowing process and makes it easier for individuals in the fisheries sector to obtain the financial help they need.

The Kisan Credit Card Scheme

Launched in 1998, the Kisan Credit Card (KCC) scheme was designed to provide timely credit support to farmers. In the financial year 2018-19, this facility was expanded to include fishers and fish farmers. The KCC scheme is essential for addressing the working capital needs of these individuals.

Key Features of KCC

Types of Borrowers

The KCC scheme accommodates various categories, including:

  • Individual fishers
  • Joint borrowers
  • Joint Liability Groups
  • Self Help Groups
Interest Subvention
  • Offers an annual interest subvention of 2%
  • An additional 3% subvention is available for prompt repayment
Simplified Access
  • Comes with an ATM-enabled RuPay debit card
  • Procedures are simplified for easier access
  • Aadhaar linkage is mandatory for availing the interest subvention

Objectives of KCC

The primary aim of the KCC scheme is to meet short-term credit requirements. This includes funding for:

  • Cultivation and farming activities
  • Post-harvest expenses
  • Marketing and consumption
  • Maintenance of farm assets
  • Investments in agriculture and allied sectors

Government Support and Achievements

The government plays a crucial role by providing interest subvention and incentives for prompt repayment. This ensures that agricultural credit is available at a reasonable cost. To date, around 25 lakh applications for the Fishery KCC have been sanctioned. There is a goal to cover 2.5 crore farmers under this scheme through a special saturation drive.

Important Points:

Integration of KCC and JanSamarth: The Kisan Credit Card (KCC) Fisheries scheme is now available on the JanSamarth Portal, improving credit access for fishers and fish farmers.

JanSamarth Overview:

  • Modern online platform connecting lenders with beneficiaries.
  • Facilitates access to loans under Central government schemes.

Kisan Credit Card (KCC) Scheme:

  • Launched in 1998 to support farmers with timely credit.
  • Expanded to fishers and fish farmers in 2018-19.
  • Addresses working capital needs.

Key Features of KCC:

  • Types of Borrowers:
    • Individual fishers
    • Joint borrowers
    • Joint Liability Groups
    • Self Help Groups
  • Interest Subvention:
    • Annual interest subvention of 2%.
    • Additional 3% for prompt repayment.
  • Simplified Access:
    • ATM-enabled RuPay debit card.
    • Simplified procedures.
    • Mandatory Aadhaar linkage for interest subvention.

Objectives of KCC:

  • Meet short-term credit requirements for:
    • Cultivation and farming activities.
    • Post-harvest expenses.
    • Marketing and consumption.
    • Maintenance of farm assets.
    • Investments in agriculture and allied sectors.

Government Support and Achievements:

  • Interest subvention and incentives for prompt repayment.
  • Around 25 lakh applications for Fishery KCC sanctioned.
  • Goal to cover 2.5 crore farmers through a special saturation drive.

Why In News

The Department of Fisheries has integrated the Kisan Credit Card (KCC) Fisheries scheme onto the JanSamarth Portal, promising enhanced access to credit for fishers, fish farmers, and stakeholders nationwide, ultimately fostering greater financial stability and growth within the fisheries sector.

MCQs about Kisan Credit Card Scheme

  1. What is the primary purpose of integrating the Kisan Credit Card (KCC) Fisheries scheme onto the JanSamarth Portal?
    A. To increase the number of loans available for farmers
    B. To enhance access to credit for fishers and fish farmers
    C. To provide subsidies for fish farming equipment
    D. To promote online banking services
    Correct Answer: B. To enhance access to credit for fishers and fish farmers
    Explanation: The integration aims to enhance access to credit specifically for fishers, fish farmers, and stakeholders in the fisheries sector.
  2. Which of the following categories of borrowers is included in the Kisan Credit Card (KCC) scheme?
    A. Only individual fishers
    B. Individual fishers and Joint Liability Groups
    C. Only Self Help Groups
    D. Only joint borrowers
    Correct Answer: B. Individual fishers and Joint Liability Groups
    Explanation: The KCC scheme accommodates various categories of borrowers, including individual fishers and Joint Liability Groups, among others.
  3. What benefit does the Kisan Credit Card (KCC) offer for prompt repayment?
    A. No interest rate
    B. Additional 3% interest subvention
    C. Increased loan limits
    D. Free insurance coverage
    Correct Answer: B. Additional 3% interest subvention
    Explanation: The KCC scheme offers an additional 3% interest subvention for borrowers who make prompt repayments, incentivizing timely loan repayment.

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