Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and chief minister Neiphiu Rio jointly launched Chief Minister’s Micro Finance Initiative at Capital Cultural Hall, Kohima on Tuesday.
According to DIPR, the scheme had been approved by the State government to ensure availability of affordable credit for carrying out economic activities and aims to enhance farmers’ income by increasing investment in agri and allied sector, improve agri-marketing network and infrastructure, promote credit discipline and boost private enterprise.
The eligible beneficiaries for the scheme are farmers, entrepreneurs, self-help groups (SHGs), Farmer Producer Organisations (FPOs)/companies and cooperative societies.
The eligible schemes are construction of circular eco-hatchery, rejuvenation of animal husbandry through credit linkage, procurement of transport vehicle for agriculture products, integrated farming system, horticulture crop loan scheme and micro finance scheme for micro-enterprises.
Interested persons may apply to District Level Implementation-cum-Monitoring Committee (DLIMC) headed by deputy commissioner of the district concerned.
The funding pattern are as follows – 10% beneficiaries’ contribution, 60% bank loan and 30% backend subsidy by the State government. In addition, the State government would also provide interest subvention of 4% to KCC loans and credit linkage to farmers, over and above the 3% provided by the Government of India on prompt repayment of dues by the borrower.
There was a moratorium period up to a maximum of six months and repayment period up to a maximum of six years, while maximum ceiling admissible under this scheme would be Rs 15 lakh.
FM hands over Rs. 205 cr loan to beneficiaries
Union Minister Finance & Corporate Affairs Nirmala Sitharaman handed over loans worth Rs 205 crore to over 3,000 beneficiaries on Tuesday.
The minister handed cheques to 3422 borrowers/beneficiaries of 11 major schemes amounting to Rs. 205 crore during the Banker’s Conclave/Credit Outreach Programme at the Capital Cultural Hall, Kohima.
This is part of a total loan amount of Rs 223 crore extended to 3837 borrowers under State Level Bankers Committee (SLBC).
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Meanwhile, the minister also virtually inaugurated the Nagaland Rural Bank, Chessore branch, Shamator district and two other projects under Tribal Development Fund of NABARD.
It was also announced that 100% saturation of all eligible farmers under KCC in two project areas in Wokha and Phek districts will be carried out by the Nagaland State Cooperative Bank.
