Before going to Kisan Credit Card for Fisherman. Let us know about the background of the Kisan Credit Card.
What is Kisan Credit Card?
Kisan Credit Card or KCC is a credit scheme prevalent in India, which was introduced in August 1998 all over the country. The prime motive of this credit scheme is to enable farmers in having quick and timely access to affordable credits or loan. The plan was launched by NABARD and RBI on the recommendations of RV Gupta Committee.
Kisan Credit Card for Fisherman
The Government of India has extended the scheme of KCC to Animal Husbandry and Fishing Industry in order to help them meet their working capital needs. The KCC facility will help fisheries and animal husbandry farmers to meet their short term credit requirement of rearing of animals, poultry birds, fish, shrimp, other aquatic organisms and capture of fish.
Under Kisan Credit Card (KCC) facility for the existing KCC holders, the limit is Rupees 3 Lakh and the Limit of Animal Husbandry and Fisheries is 2 Lakh as of now. It may increase t 3 Lakh in the upcoming years.
Fishing in India is a major Industry in its coastal states, employing over 14 Million people. This is a major step towards the Fishing and Animal Husbandry. Many people will get loan facility at very low interest. The interest rate of KCC is 7% per annum out of which 2% is compensated by the government.
During the launch of Sankalp Patra 2019 of BJP, The government promised to provide short term new agriculture loans of up to Rs 1 Lakh at 0 percent interest rate for 1-5 years on the condition of prompt repayment of the principal amount.