What happened
The Government of India has extended the Kisan Credit Card (KCC) facility to fishers and fish farmers since FY 2018–19 to provide timely and affordable working capital for fisheries-related activities.
In Odisha, the State Government has added an additional interest subvention of 4% for loans up to ₹1.00 lakh and 2% for loans above ₹1.00 lakh and up to ₹3.00 lakh. According to the Government of Odisha, this makes smaller KCC loans effectively interest-free and lowers the cost of credit for higher-ticket loans within the covered range.
Background and earlier position
The Department of Fisheries works with the Department of Financial Services, Ministry of Finance, and with States, Union Territories, and the State Level Bankers’ Committee (SLBC) to spread awareness about KCC benefits among fishers and fish farmers.
Odisha has used Matsya O Pranee Sampad Melas and meetings at the district, block, and village levels to encourage uptake of the credit facility.
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