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Economy, Schemes & Policies
Mahesh

09/08/23 06:22 AM IST

Bharat Campaign under Agriculture Infrastructure Fund

In News
  • Agriculture Secretary of Ministry of Agriculture and Farmers Welfare, Manoj Ahuja launched a new campaign for banks under Agri Infra Fund name BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation).
About Bharat Campaign
  • A new campaign named 'BHARAT’ (Banks Heralding Accelerated Rural & Agriculture Transformation) has been launched by the Government under Agriculture Infrastructure Fund Scheme to provide maximum benefits to the people and to create a competitive spirit among the Banks and lending institutions to mobilize agriculture infrastructure projects loan at a faster pace.
  • This is a month-long Campaign from 15th July 2023 to 15th August 2023. Top performing Banks under different categories i.e. commercial Banks in public and private Sector, Regional Rural Banks, Small Finance Banks (SFBs), Non-Banking Financial Companies (NBFCs) and cooperative Banks will be selected at the end of the Campaign and their special contribution will be recognized.
  • This Campaign was launched on 12th July, 2023 which was attended by more than 100 Banking Executives that included MDs/Chairman, EDs of commercial Banks in public and private sector, Regional Rural Banks, Small Finance Banks, NBFCs and select cooperative Banks.
  • Banks have been requested to achieve the targets considering the potential for agri infra projects from time to time and the response of the banks is encouraging.
  • Ministry conducts capacity building programmes at Bankers’ Training Colleges on physical mode and awareness sessions on AIF Scheme with Bank officials from Head Offices and controlling offices of various Banks on VC mode to promote the Scheme.
About Agriculture Infrastructure Fund
  • Agriculture Infrastructure Fund has been approved by the Union Cabinet in 2020.
  • The scheme aims to provide medium-long term debt financing facility for investment in viable projects related to post-harvest management infrastructure and community farm assets.
  • This scheme provides interest subvention and financial assistance.
  • The scheme has been launched for a total of 10 years from FY2020 to FY2032.
  • 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 credit guarantee coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises Scheme (CGTMSE). This is provided for the loans up to Rs.2 crore and the fee is paid by the government.
Source- PIB

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