Farmer | Agriculture | Government-subsidised loan | 5-year credit facility
Diktel Rupakot Majhuwagadhi Municipality in Khotang district of Koshi Province, in collaboration with Global IME Bank and R&D Innovative Solution, issued credit cards to 21 farmers a few days ago.
Using a credit card with a limit of Rs 200,000, farmers can now purchase farm inputs (such as seeds and fertilisers) and tools from agro stores and cooperatives. However, the card cannot be used for withdrawing cash. The 5-year long credit facility is a government-subsidised loan for agriculture at a subsidy of 5%.
Earlier, the Nepal Rastra Bank (NRB) had announced to provide a 'Kisan Credit Card' through the Agriculture Development Bank Limited (ADBL) to provide financial means to the farmers through the monetary policy of the fiscal year 2020/21, following which other commercial banks also followed suit.
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