When did the Government present the Kisan Credit Card Scheme?

Correct option is B

Correct Answer: (b) August 1998

Sol.

The Kisan Credit Card (KCC) Scheme was introduced by the Government of India in August 1998. The scheme aims to provide affordable and timely credit to farmers to meet their short-term agricultural needs, including crop cultivation, post-harvest expenses, and agricultural inputs. The KCC scheme also includes the provision of credit for consumption needs and investment needs for agricultural activities. It has been a significant step towards ensuring farmers have access to a more structured and simplified credit system.

Information Booster:

• Objective: To provide farmers with easy access to credit for various agricultural needs, including buying seeds, fertilizers, and pesticides.
• Financial Inclusion: Aimed at bringing more farmers into the formal banking system.
• Credit Limit: The limit of the credit card is based on the farmer’s needs and the type of crop grown, with loans available for both short-term and medium-term requirements.
• Benefits: Quick access to credit, low-interest rates, and no collateral required for small loans.

Additional Information:

• The KCC scheme has expanded to cover a wide range of farmers, from smallholders to large agricultural entrepreneurs, helping them improve productivity and manage risks better.
• The Government of India has enhanced the KCC scheme over the years to include provisions for insurance, pension, and livestock-based loans.
• The scheme is managed by commercial banks, rural banks, and cooperative banks, ensuring widespread coverage.