MUDRA Bank will fund the unfunded: Modi

New Delhi, April 8, 2015(Agency) :  Prime Minister Narendra Modi on Wednesday announced enhanced input subsidy relief for farmers in distress.During his address at the launch of the Pradhan Mantri Pradhan Mantri Micro Units Development and Refinance Agency Ltd (MUDRA) Yojana here, Mr. Modi said farmers will now be eligible for input subsidy if 33 per cent of their crop has been damaged, as opposed to 50 percent or more, which was the norm till now. Further, the input subsidy given to distressed farmers will be enhanced by 50 per cent of the existing amounts,The Prime Minister expressed concern over the problems



faced by farmers due to abnormal weather over the past year. “Helping the farmer in this time of distress is our responsibility, and therefore, the Government had sent teams of Central Ministers to affected areas, to assess the extent of damage,” Mr. Modi said, according to an official release. He also have the assurance that the Centre and State Governments, the banks and insurance companies would all do their utmost to provide relief to the farmers.Mr. Modi said that banks had been asked to restructure loans of farmers hit by unseasonal rains and insurance companies had been advised to pro-actively settle claims.