Current Affair 1:

Kisan Credit Card (KCC) Scheme

 

In a bid to provide term loan for agricultural needs of the farmers, Indian banks introduced Kisan Credit Card (KCC) scheme in August 1998. The model of KCC scheme was prepared by NABARD (National Bank for Agriculture and Rural Development) that met the recommendations of RV Gupta Committee. The KCC is available at all Indian banks, regional rural banks and the co-operative banks.

The Kisan Credit Card (KCC) scheme was introduced in 1998 for issue of Kisan Credit Cards to farmers on the basis of their holdings for uniform adoption by the banks so that farmers may use them to readily purchase agriculture inputs such as seeds, fertilizers, pesticides etc. and draw cash for their production needs.

The KCC scheme has short-term credit limits for crops and term loans.

The scheme aims at providing adequate and timely credit for the comprehensive credit requirements of farmers under single window for their cultivation and other needs as indicated below:

1. To meet the short-term credit requirements for cultivation of crops
2. Post harvest expenses
3. Produce Marketing loan
4. Consumption requirements of farmer household
5. Working capital for maintenance of farm assets, activities allied to agriculture, like dairy animals, inland fishery and also working capital required for floriculture, horticulture etc.
6. Investment credit requirement for agriculture and allied activities like pump sets, sprayers, dairy animals, floriculture, horticulture etc
7. Short term credit requirements of rearing of animals, birds, fish, shrimp, other aquatic organisms, capture of fish

Further, Reserve Bank of India vide circular dated February 04, 2019 has extended KCC facility to farmers engaged in Animal Husbandry and Fisheries for their working capital requirements.

Government of India is also implementing Interest Subvention Scheme under which interest subvention (IS) of 2% and Prompt Repayment Incentive (PRI) of 3% is given to farmers on Short Term Agri Loan up to 3 lakh which makes the effective rate of interest on such loans at 4%.

Term loan for investment: The term loan for investment is to be made towards land development, minor irrigation, purchase of farm equipment and allied agricultural activities. (A term loan is a loan that is given for a fixed duration of time and must be repaid in regular instalments, also known as EMI (Equated Monthly Instalment).)

Farmers having KCC credit are covered under personal accidental insurance up to Rs 50,000 for permanent disability and death and up to Rs 25,000 for other risks.

Eligibility

1. All farmers-individuals/Joint borrowers who are owner cultivators.
2. Tenant farmers, Oral lessees and Share Croppers etc.
3. SHGs or Joint Liability Groups of farmers including tenant farmers, share croppers etc.,         

 

Current Affair 2:

Ayushman Bhav’ initiative

 

News:

Just go through two images below.

 

Current Affair 3:

International Film Festival of India (IFFI)

 

The 54th edition of IFFI will be held from November 20th – 28th, 2023 in Goa, India.

News:

IFFI is the only film festival in South Asia that is accredited by the International Federation of Film Producers’ Associations (FIAPF) in Competitive Feature Films Category.

Since its inception in 1952, IFFI has been curating spectacular films from all over the world. Its goal is to provide a single platform for ambitious filmmakers, cineastes, and industry professionals to have access to excellent cinema from across the world.

The 1st edition of IFFI was organized by the Films Division, Government of India, with the patronage of the first Prime Minister of India. Held in Mumbai from 24 January to 1 February 1952, the festival was subsequently taken to Madras, Delhi, Calcutta and Trivandrum.

Since 2004, IFFI has moved to its permanent venue in Goa, where it is jointly organized each year by the National Film Development Corporation (NFDC), The Ministry of Information and Broadcasting, The Government of India and The Entertainment Society of Goa (ESG).

Films entered in the International Competition MUST fulfil the following condition:

Films must be fiction, feature-length films should not be not less than 70 minutes in duration and in original language sound-track with English Subtitles.

Current Affair 4:

Asian Infrastructure Investment Bank (AIIB)

 

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to improve economic and social outcomes in Asia.

The bank was proposed by China in 2013 and the initiative was launched at a ceremony in Beijing in October 2014.

AIIB aims to create a better tomorrow for billions of people by investing in sustainable infrastructure in Asia and beyond.

In 2018, AIIB was granted Permanent Observer status in the deliberations of both the United Nations General Assembly and the Economic and Social Council, the two development-focused principal organs of the global body.

Voting Rights:

China is the largest shareholder with 26.56 % voting shares in the bank followed by India (7.6%), Russia (6.01%) and Germany (4.2 %).

 

 

Where is AIIB headquartered? AIIB is headquartered in Beijing, China.

Which members will receive financial support? Any AIIB member can submit a proposal for funding. We can lend to members beyond Asia if the project delivers a clear benefit to the region.

Does AIIB have country strategies for its members? AIIB does not have country strategies for its members. AIIB will review any project that is aligned with the Bank’s thematic priorities and will bring clear benefits to Asia.

AIIB has 106 members – 93 Full Members and 13 Prospective Members – and is open to accepting additional members. It has both regional (Asia) and non-regional members.

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