Source: PIB
Context: Ministry of Agriculture & Farmers Welfare, has launched a new campaign titled BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation) under the Agri Infra Fund (AIF).
- The one-month-long campaign aims to raise Rs 7200 crore and will run from July 15, 2023, to August 15, 2023.
About the AIF:
AIF is a financing facility launched in July 2020 to provide all-around financial support to farmers, agri-entrepreneurs, FPOs, PACS, Cooperatives, SHGs etc, to create post-harvest management infrastructure and build community farming assets throughout the country.
Features:
- Under it, 1 Lakh Crore will be provided by banks and financial institutions as loans with interest subvention of 3% per annum.
- It also provides credit guarantee support through the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme for loans of up to Rs 2 crore
- The fund will be managed and monitored through an online Management Information System (MIS) platform.
- It will enable all the qualified entities to apply for loans under the Fund.
- Duration: FY2020 to FY2029 (10 years)
- The National, State and District level monitoring committees will be set up to ensure real-time monitoring and effective feedback.
