Before the launch of the Kisan Rin Portal (KRP), farmers used to submit manual claims under the Interest Subvention and Prompt Repayment Incentive schemes to which of the following institution(s)?
- AMinistry of Agriculture and Farmers Welfare and NABARD
- BReserve Bank of India and NABARD
- CNational Payments Corporation of India and Reserve Bank of India
- DMore than one of the above
Show answer and explanation
Correct answer: (b) Reserve Bank of India and NABARD
Explanation
The Kisan Rin Portal (KRP) was launched in September 2023. It is a digital platform for claims under the Modified Interest Subvention Scheme (MISS), which gives farmers short-term Kisan Credit Card loans up to ₹3 lakh at 7% interest, with a further 3% prompt repayment incentive, so the effective rate falls to 4%.
Before the portal, banks filed these claims by hand: commercial banks with the Reserve Bank of India, and regional rural banks and cooperative banks with NABARD. The manual process was slow and hard to check, which the portal set out to fix.