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Economic Affairs Agricultural Finance

Consider the following statements:

1. The loans disbursed to farmers under Kisan Credit Card Scheme are covered under Rashtriya Krishi Beema Yojana of Life Insurance Corporation of India.

2. The Kisan Credit Card holders are provided personal accident insurance of Rs.50000 for accidental death and Rs.25000 for permanent disability.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

1st statement is incorrect.
The Kisan Credit Card (KCC) scheme is a credit scheme introduced in August 1998 by Indian banks. This model scheme was prepared by the National Bank for Agriculture and Rural Development (NABARD) on the recommendations of R.V. Gupta to provide term loans and agricultural needs.
Its objective is to meet the comprehensive credit requirements of the agriculture sector by giving financial support to farmers. Participating institutions include all commercial banks, Regional Rural Banks, and state co-operative banks.

Scheme covers risk of KCC holders against death or permanent disability resulting from accidents caused by external, violent and visible means, as under: Death due to accident (within 12 months of the accident) caused by outward, violent and visible means -- Rs.50,000/- Permanent total disability -- Rs.50,000/- Loss of two limbs or two eyes or one limb and one eye -- Rs.50,000/- Loss of one limb or one eye -- Rs.25,000/-