CAC: Comprehensive Agriculture Credit Scheme
Overview:
The Comprehensive Agriculture Credit Scheme (CACS) is a Central Sector Scheme launched by the Government of India in 2004 to provide adequate and timely credit support to all farmers in the country. The scheme is being implemented by all scheduled commercial banks, regional rural banks, cooperative banks, and other financial institutions.
Key Features:
- Eligibility: All farmers, including individuals, joint borrowers, and producer groups, are eligible for loans under CACS.
- Purpose: Loans can be used for various agricultural and allied activities, including crop cultivation, livestock rearing, fisheries, plantation crops, and agro-processing.
- Interest Rates: Interest rates on CACS loans are subvented by the government and are lower than market rates.
- Loan Amount: The maximum loan amount available under CACS is Rs. 3 lakh for short-term loans and Rs. 5 lakh for long-term loans.
- Repayment Period: Short-term loans have a repayment period of up to 12 months, while long-term loans have a repayment period of up to 5 years.
- Collateral: In most cases, collateral is not required for loans up to Rs. 1 lakh. For loans above Rs. 1 lakh, security in the form of mortgage or hypothecation may be required.
Objectives of CACS:
- To provide timely and affordable credit to farmers.
- To increase agricultural productivity and profitability.
- To support the development of agriculture and allied sectors.
- To enhance the income of farmers and improve their livelihoods.
Significance of CACS:
CACS has played a significant role in providing financial support to farmers and contributing to the growth of the agricultural sector in India. The scheme has helped farmers access timely and affordable credit, which has enabled them to increase their investment in agricultural activities and improve their incomes.
Why “cac” is Rapidly Rising on Google Trends NG:
The recent rise in search trends for “cac” in Nigeria can be attributed to several factors:
- Increased awareness of the scheme: The government and financial institutions have been actively promoting CACS to reach a wider audience of farmers.
- High demand for agricultural credit: Nigerian farmers have a high demand for credit to finance their farming operations, and CACS is a reliable and affordable source of funding.
- Government support for agriculture: The Nigerian government has been prioritizing agriculture as a key sector for economic growth and is encouraging farmers to access credit through CACS.
- Search engine optimization: Financial institutions and other organizations may be using search engine optimization techniques to promote CACS and make it more visible to farmers searching for agricultural credit.
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
Please search for “cac” which is rapidly rising on Google Trends NG and explain in detail. Answers should be in English.
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