- A web portal for faster bank settlement of interest subvention claims launched by Union Agriculture and Farmers Welfare Minister Shivraj Singh Chauhan.
- The web portal has been jointly developed by the Department of Agriculture & Farmers Welfare (DA&FW) and NABARD.
- The web portal will automate and expedite the process of settlement of interest subvention claims of banks submitted under Agriculture Infrastructure Fund (AIF).
- The newly introduced automation system of loan claims will ensure timely settlement of claims within a day, which otherwise used to take months in manual settlement.
- The automated system will help in calculating the accurate eligible interest subvention through the portal, thereby avoiding possible human error in manual processing and will also help in faster settlement of claims.
- The portal will be used by banks, Central Project Management Unit (CPMU) of DA&FW and NABARD.
Agriculture Infrastructure Fund
- Agriculture Infrastructure Fund Scheme was launched in 2020.
- Its objective is to reduce losses, promote innovation in agriculture and attract investments for creation of agricultural infrastructure for development of post-harvest management infrastructure.
- A total amount of ₹ 1 lakh crore is made available under this scheme through banks and financial institutions till 2025-26.
- Under this scheme, beneficiaries are provided with 3% interest subsidy for a maximum period of 7 years on loans up to Rs 2 crore given by banks, besides reimbursement of credit guarantee fee paid by the banks.