The fisheries sector is an important part of India’s economy that generates livelihoods for millions and contributes significantly to food security. Realising its significance, the government has initiated many initiatives one of which is the Kisan Credit Card Fisheries Scheme that provides loans specific to fishermen and fishermen farmers.
Key advantages of KCC Fisheries Scheme
Simplified credit access: Provides a streamlined process for fishers and fish farmers to get required working capital.
Financial inclusion: It provides support to fishers becoming part of the formal banking system, and financial literacy and stability.
Reduced financial burden: Subsidised interest rates and incentives for prompt repayment lower the overall cost of borrowing.
Operational flexibility: This allows you to manage your finances effectively, ensuring funds are available for various needs such as purchasing inputs, maintenance, and other operational expenses.
Eligibility criteria for KCC Fisheries Scheme
Inland fisheries and aquaculture: This includes fishers and fish farmers (individuals or groups such as partners, sharecroppers, and tenant farmers), self-help groups, joint liability groups, and women groups.
Marine fisheries: Beneficiaries who own functional fishing vessels, boats, or other fishing paraphernalia and possess necessary licenses or permissions for fishing in estuaries and the sea.
Features of KCC Fisheries Scheme
Loan amount eligibility: The District Level Technical Committee (DLTC) determines the same based on local costs worked out per acre or per unit for fisheries activities.
Annual review: This means that the sanctioned credit limit is only valid for five years but it is reviewed on an annual basis.
Collateral requirement: Loans up to ₹1.60 lakh do not require collateral while collateral is to be provided as per scheme guidelines for amounts of ₹1.60 lakh and above.
Interest rates: The interest subvention and incentives as per government regulations are given to you if you repay loan on time.
In conclusion, the Kisan Credit Card Fisheries Scheme is a good initiative that will empower the fishers and fish farmers through the provision of timely and adequate financial support. The scheme deals with both working capital and investment needs in the fisheries sector of India and plays a significant role in improving its productivity and sustainability.
(Note: Using a credit card carries its own set of risks)
