MoAFW notifies AIF Scheme in Tamil Nadu

Nov 24, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Ministry of Agriculture and Farmers Welfare, (MoAFW), on November 23, 2022, issued a press release regarding the Agriculture Infrastructure Funding (AIF) Scheme in the state of Tamil Nadu.

The following has been stated namely: -

• It’s an initiative of primary agricultural cooperative Credit banks to strengthen the agriculture sector and to increase the value of produce 

• It provides loan assistance to Agribusiness Entrepreneurs, an interest subsidy of 3% p.a. is provided for a period of 7 years, and the maximum loan amount of R.s. 2 crore. 

• The scheme shall be operational from 2020-21 to 2022-2023

• The eligible lending Institutions are as follows: -

(a) All Scheduled Commercial Banks (SCB)

(b) Scheduled Co-Operative Banks 

(c) Regional Rural Banks (RRB)

(d) Small Finance Banks (SFB)

(e) NBFCs

(f) National Co-operative Development Corporation (NCDC)

(g) Primary Agricultural Co-operative Credit Bank can avail loans from District Central Co-operative Credit Bank.

• Loans can be availed under the scheme for Transport facilities, Machines, storage warehouses, silos, canning sheds Grading machinery, supply chain services, Refrigerated transport facilities, etc.

•More details on the AIF Scheme can be found at agriinfra.dac.gov.in

[Press release no. 2110]


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