The Punjab government has unveiled the details of its ambitious Punjab Kisan Card initiative, aimed at providing much-needed financial support to the farmers of the region. This initiative, which surfaced on Friday, promises to be a game-changer for small-scale farmers.
Under the program, farmers possessing less than 12.5 acres of agricultural land will be eligible for the Kisan Card. Each cardholder will have access to interest-free loans of up to Rs150,000 per season, intended to ease the financial burden associated with crop production.
In its initial phase, 500,000 Kisan Cards will be issued on a first-come, first-served basis. The project, with a total cost of Rs75 billion, will be managed by the Bank of Punjab (BOP), which will oversee the distribution of the cards. Farmers can register for the scheme online.
To participate, farmers will need to pay a processing fee of Rs1,000 per acre. The loans provided can only be used for purchasing seeds and fertilizers, which must be bought from registered BOP dealers. Currently, 10,000 dealers have been registered to support this initiative.
Farmers must repay their loans in order to qualify for subsequent seasonal loans, ensuring the sustainability and continuity of the program.
A 12-member committee has been established to oversee and review the implementation of the Kisan Card scheme, ensuring that it runs smoothly and meets its objectives.
This initiative follows the approval of the Kisan Card by Punjab Chief Minister Maryam Nawaz in March. Alongside the card, the Chief Minister also approved the establishment of a center of excellence for research and development on cotton, wheat, and rice crops. This center aims to drive innovation and improve crop yields through cutting-edge research, managed by a dedicated board and linked with regional universities.
The recent meeting also discussed reforms for the Punjab Seed Corporation and the Punjab Agricultural Research Board, and reviewed potential legislation to prevent the conversion of agricultural land into residential areas.
With the Punjab Kisan Card, the government aims to bolster the agricultural sector, providing essential support to farmers and fostering sustainable agricultural practices across the province.
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