In a significant development, the Union Cabinet on Wednesday cut the interest rates on agricultural loans by 4 percent from the earlier 9 percent. Media reports say the rate cut will be applicable on loan limit up to Rs 3 lakh
New Delhi: In a significant development, the Union Cabinet on Wednesday cut the interest rates on agricultural loans by 4 percent from the earlier 9 percent. Media reports say the rate cut will be applicable on loan limit up to Rs 3 lakh.
The decision comes in the backdrop of ongoing farmers' protests in the country for loans waiver. Madhya Pradesh is especially on boil on the issue. The Cabinet has also, reportedly, approved Rs 20,339 crore as interest subsidy on short-term crop loans this fiscal.
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