Cabinet approves continuation of MISS for FY 2025-26
New Delhi, May 28 (UNI) The Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved continuation of Modified Interest Subvention Scheme (MISS) for FY 2025-26 with existing 1.5 percent Interest Subvention (IS).
Addressing the media after the Cabinet meeting, Union Minister Ashwini Vaishnaw said, "The cost of working capital of the farmers has been reduced by the Interest Subvention Scheme. Special emphasis has been laid on providing a capital of Rs two lakh for an interest rate of four percent, under the scheme."
MISS is a Central Sector Scheme aimed at ensuring the availability of short-term credit to farmers at an affordable interest rate through Kisan Credit card (KCC).
Under this scheme, farmers received short-term loans of up to Rs three lakh through Kisan Credit Cards (KCC) at a subsidised interest rate of seven percent, with 1.5 percent interest subvention provided to eligible lending institutions.
Moreover, farmers repaying loans promptly are eligible for an incentive of up to three percent as Prompt Repayment Incentive (PRI) effectively reducing their interest rate on KCC loans to four percent.
For loans taken exclusively for animal husbandry or fisheries, the interest benefit is applicable up to Rs two lakh.
However, no changes have been proposed in the structure or other components of the scheme.
There are more than 7.75 crores of KCC accounts in the country. The continuation of this support is critical to sustaining the flow of institutional credit to agriculture, which is vital for enhancing productivity and ensuring financial inclusion for small and marginal farmers.
Given the current lending cost trends, median MCLR and repo rate movements, retaining the interest subvention rate at 1.5 percent remains essential to support rural and cooperative banks and ensure continued access to low-cost credit for farmers.
The Cabinet's decision reinforces the Government's unwavering commitment to doubling farmers' income, strengthening the rural credit ecosystem, and boosting agricultural growth through timely and affordable credit access.
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