India’s first automated portal to help farmers do bank settlements under AIF

New Delhi: To support Indian farmers, Union Minister for Agriculture and Farmers’ Welfare, Shivraj Singh Chouhan, launched a new web portal and the Krishi Katha blog site.

These initiatives aim to streamline bank settlements under the Agriculture Infrastructure Fund (AIF) and amplify the voices and experiences of Indian farmers.

The web portal, developed collaboratively by the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD, will automate and expedite the process of settling interest subvention claims from banks under the AIF. The launch event saw the presence of Minister of State for Agriculture and Farmers’ Welfare Bhagirath Choudhary, NABARD Chairman, and senior officials from DA&FW and various banks.

Addressing the gathering, Chouhan emphasized the Modi government’s commitment to increasing farmers’ incomes through various measures. He highlighted the Agriculture Infrastructure Fund, launched by Prime Minister Narendra Modi with a budget of ₹1 lakh crore, aimed at boosting storage capacity for crops and minimizing losses for farmers. The newly launched portal is expected to ensure the timely settlement of claims within a day, a significant improvement from the months-long manual process. This automation is anticipated to enhance transparency and reduce corruption in the system.

Chouhan shared that investments worth ₹72,000 crore have been mobilized, with ₹43,000 crore already sanctioned for 67,871 projects under the AIF to date. The automated system will help accurately calculate eligible interest subvention, avoiding potential human errors in manual processing, and thus facilitating quicker settlement of claims. The portal will be utilized by banks, the Central Project Management Unit (CPMU) of DA&FW, and NABARD, significantly reducing turnaround time and financially benefiting farmers and agri-entrepreneurs.

Alongside the web portal, Chouhan also launched Krishi Katha, a blog site dedicated to amplifying the experiences and success stories of Indian farmers. Chouhan underscored the importance of recognizing and celebrating the stories of farmers, which often remain unnoticed in the vast agricultural landscape of India. He expressed confidence that Krishi Katha would serve as an inspiring platform for others, facilitating knowledge exchange, fostering collaboration, and empowering farmers.

The Agriculture Infrastructure Fund scheme, launched in 2020, focuses on developing post-harvest management infrastructure to reduce losses, ensure better value realization for farmers, drive agricultural innovation, and attract investments. The scheme provides a 3% interest subvention to beneficiaries for loans up to ₹2 crore for a maximum of seven years and reimburses the credit guarantee fee paid by banks.