........Sources in the NABARD point out that the Reserve Bank of India is already seized of the issue. In its circular dated November 9,2012, the RBI said “the government of India, through its budget announcement for 2006-07, introduced an interest subvention scheme with a view to ensure (sic) availability of short-term crop loans up to Rs.3lakh to farmers at a reduced rate of seven per cent per annum. This scheme has continued ever since with minor variations. Currently, with three per cent additional subvention for timely repayment, the effective cost of short-term crop loan comes to four per cent for farmers.”.........
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