NABARD Current Affairs - 2020
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Revision of interest subvention under Diary Processing and Infrastructure Development Fund from 2% to 2.5%
The Cabinet Committee on Economic Affairs recently approved its revision of interest subvention rates from 2% to 2.5% per annum. This is being done under Diary Processing and Infrastructure Development Fund (DIDF).
Under the DIDF, GoI will now provide interest subvention up to 2.5% to NABARD till 2030. This shall enable NABARD in devising its own strategy of borrowing. In turn, it will be able to provide low cost of funds to milk unions.
There are more than 95 lakh milk producers that will be benefitted with this move. It will help in establishment of 28,000 milk coolers and create 210 metric tonnes of milk drying capacity.
The major activities that are covered under the fund includes chilling infrastructure, electronic adulteration testing kit, modernization of milk processing facilities and project management.
The DIDF Scheme was announced in Union Budget 2017-18 by the Ministry of Finance. Under the scheme DIDF considerable amount is contributed by NABARD to the National Diary Development Board and National Cooperative Development Corporation.
Tags: Cabinet Committee on Economic Affairs (CCEA) • CCEA • Diary Industry • Diary Sector • milk production
On February 17, 2020, the fourth National Conference of Pradhan Mantri Fasal Bima yojana was held in Udaipur, Rajasthan. The Conference was organized by Ministry of Agriculture and Farmers Welfare.
The Conference was attended by more than 140 members. It included members from NABARD (National Bank of Agriculture and Rural Development), RBI (Reserve Bank of India), insurance companies, etc. Currently, the scheme has three active participants namely the state government, banking sector and the insurance sector. According to the experts at the conference, for the scheme to achieve success, active participation of all the three stakeholders is essential.
Pradhan Mantri Fasal Bima Yojana
The scheme was launched in 2016. It replaced the Modified National Agricultural Insurance Scheme and National Agricultural Insurance Scheme. Under the scheme the farmers are paid a premium of 2% for Kharif crops and 1.5% for Rabi crops in case of crop damages. The scheme is in line with One Nation-One Scheme theme.
Tags: Agriculture • Crop damages • Crop Insurance • Farmers Distress • Farmers Welfare