Chouhan launches web portal for faster bank settlements of interest subvention claims

Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan on Friday launched a web portal to automate and expedite the process of settlement of interest subsidy claims submitted by banks under the Agriculture Infrastructure Fund (AIF). The Department of Agriculture and Farmers Welfare (DA&FW) and NABARD have jointly developed this portal.

Addressing on the occasion, Union Minister Shri Shivraj Singh Chouhan said that Modi government is committed to increase farmer’s income taking various measures. He said Agriculture Infrastructure Fund was launched by PM Modi with 1 lakh crore funding in a bid to increase storage capacity for crops and reduce losses for farmers. He said the newly launched automation of credit claims will ensure timely settlement of claims within a day, which otherwise took months for manual settlement. He said the move will also ensure transparency and check corrupt methods.

He said there are several farmers who are self-experimenting and their successful stories should be brought forward for others to emulate. Union Minister said that the investments worth ₹72,000 crore have been mobilised with ₹43,000 crore already sanctioned for 67,871 projects under Agriculture Infrastructure Fund till today. Additionally, banks can anticipate quicker settlement of interest subvention claims.

Chouhan informed that the automated system would help in calculating accurate eligible interest subvention through the portal avoiding the possible human error in manual processing and also help in faster settlement of the claims. The portal shall be used by banks, Central Project Management Unit (CPMU) of DA&FW and NABARD. The automation of the interest subvention claim and credit guarantee fee claim processing will help the government in releasing accurate interest subvention, reduce the turn-around time and in turn help the farmers and agri entrepreneurs financially and encourage them to take up more such projects for development of agriculture in the country.

Union Minister also launched Krishi Katha, a blogsite meant to serve as a digital platform to showcase the voice of the Indian farmers, dedicated to amplifying the experiences, insights and success stories of farmers across the country.

Chouhan said that the voices and stories of farmers often remain uncovered in the vast and diverse landscape of Indian agriculture. Behind every crop, every field, and every harvest, lies a narrative of resilience, struggles, challenges and triumphs. "Krishi Katha" aims to provide a comprehensive and immersive storytelling space where the narratives of India's agricultural community can be shared and celebrated. He emphasized that their stories of resilience and innovation are the cornerstone of our agricultural sector and expressed confidence that this platform will serve as a wellspring of inspiration for others.