Centre approves interest subsidy on crop loans
The union government has approved short-term crop loans of up to ₹3 lakh at a subsidised interest rate of 4% per annum in the 2016-17 fiscal if repayments are made on time. However, 7% interest will be charged for delayed loan repayments. The government also set an agricultural credit target for banks at ₹9 lakh crore for the current fiscal.