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Saturday / July 20. 2024
HomeAgroPolicyUnion Ag Minister launches web portal for faster bank settlements of interest subvention claims

Union Ag Minister launches web portal for faster bank settlements of interest subvention claims

Investments worth Rs 72,000 crore have been mobilised with Rs 43,000 crore already sanctioned for 67,871 projects under Agriculture Infrastructure Fund till date.

Union Minister for Agriculture and Farmers’ Welfare and Rural Development Minister Shivraj Singh Chouhan launched a web portal developed jointly by the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD to automate and speed up the process of settlement of interest subvention claims of banks submitted under the Agriculture Infrastructure Fund (AIF). Minister of State for Agriculture and Farmers’ Welfare Bhagirath Choudhary, Chairman, NABARD, senior officers of DA&FW and banks were also present.

Addressing on the occasion, Union Minister Shivraj Singh Chouhan said that newly launched automation of credit claims will ensure timely settlement of claims within a day, which otherwise took months for manual settlement. He said the move will also ensure transparency and check corrupt methods. Shri Chauhan said the new portal on sharing of farmers experience will enable the farming community to gain from each other’s experiences. He said there are several farmers who are self-experimenting and their successful stories should be brought forward for others to emulate. Union Minister said that the investments worth Rs 72,000 crore have been mobilised with Rs 43,000 crore already sanctioned for 67,871 projects under Agriculture Infrastructure Fund till today. Additionally, banks can anticipate quicker settlement of interest subvention claims.

Chouhan also 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, 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 development of agriculture in the country.

Union Minister Shivraj Singh Chouhan also launched Krishi Katha, a blogsite 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.”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 emphasised 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.

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