India Region

Union Minister Shivraj Singh Chouhan Launches Web Portal for Faster Banks Settlement of Interest Subvention Claims

28 June 2024, New Delhi: Union Agriculture Minister Shivraj Singh Chouhan launched a web portal to automate and speed up the process of settlement of interest subvention claims of banks submitted under the Agriculture Infrastructure Fund (AIF).

Addressing the occasion, Union Minister  Shivraj Singh Chouhan said that the move will ensure transparency and check corrupt methods. Chauhan said the new portal on sharing farmers’ experiences will enable the farming community to gain from each other’s experiences.

He said several farmers are self-experimenting and their successful stories should be brought forward for others to emulate. Union Minister said that the investments worth ₹72,000 crores have been mobilised with ₹43,000 crores already sanctioned for 67,871 projects under the Agriculture Infrastructure Fund till today. Additionally, banks can anticipate quicker settlement of interest subvention claims. 

Shri Shivraj Singh Chouhan informed that the automated system would help in calculating accurate eligible interest subvention through the portal avoiding the possible human error in manual processing and also help in faster settlement of the claims. The portal shall be used by banks, the Central Project Management Unit (CPMU) of DA&FW and NABARD. The automation of the interest subvention claim and credit guarantee fee claim processing will help the government in releasing accurate interest subvention, reduce the turn-around time and in turn help the farmers and agri entrepreneurs financially and encourage them to take up more such projects for the development of agriculture in the country. 

Union Minister Shri Shivraj Singh Chouhan also launched Krishi Katha, a blog site meant to serve as a digital platform to showcase the voice of the Indian farmers, dedicated to amplifying the experiences, insights and success stories of farmers across the country. 

Shri Shivraj Singh Chouhan said that the voices and stories of farmers often remain uncovered in the vast and diverse landscape of Indian agriculture. Behind every crop, every field, and every harvest, lies a narrative of resilience, struggles, challenges and triumphs. “Krishi Katha” aims to provide a comprehensive and immersive storytelling space where the narratives of India’s agricultural community can be shared and celebrated.  

Union Minister highlighted that the launch of Krishi Katha is a significant move towards acknowledging and amplifying the voice of our farmers. He emphasized that their stories of resilience and innovation are the cornerstone of our agricultural sector and expressed confidence that this platform will serve as a wellspring of inspiration for others. The objectives behind this initiative will be helpful in raising awareness, facilitating exchange of knowledge, fostering collaboration and empowering farmers. 

Farmer voices highlighted on Krishi Katha show us how farmers have used innovative farming methods and benefited from different schemes of government to aid in their farming practices along with stories of the transformative power of community-driven farming. It aims to inspire and showcase the stories of the Indian farmer and foster a sense of pride in the farming profession and promote resilience among farmers. In short it provides a platform to celebrate farming and farmers of Bharat. 

The Agriculture Infrastructure Fund scheme was launched in 2020, with the objective of development of post-harvest management infrastructure for reducing losses, realisation of better value to farmers, innovation in agriculture and attracting investments for creation of Agriculture infrastructure with a total outlay of ₹ 1 lakh crore funding through the banks and financial institutions upto 2025-26. The scheme provides for 3% interest subvention to beneficiaries of the scheme for the loans given by banks upto ₹ 2 crore for a maximum period of 7 years, besides  reimbursement of credit guarantee fee paid by banks. 

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