Home >Politics >Policy >Govt hikes cash withdraw limit for farmers to Rs25,000 a week against crop loans

New Delhi: The government on Thursday allowed farmers to draw money from banks against loans sanctioned to them to buy seeds and fertilisers in the ongoing sowing season, as it responds to criticism against the move to cancel high-value rupee bills.

Farmers will be able to withdraw up to Rs25,000 per week against their crop loans, economic affairs secretary Shaktikanta Das told reporters, adding the time limit to pay crop insurance premiums has also been extended by 15 days.

Millions of Indian farmers, however, have no bank accounts and depend on local moneylenders to fund sowing. Reuters

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Edit Profile
My ReadsRedeem a Gift CardLogout