The Farm Machinery Bank Scheme was launched by the Central Government in 2023. Under this scheme, Farm Machinery Banks will be established in villages to increase the availability of modern agricultural machines. The government is providing a subsidy of up to 80% to the beneficiaries of the scheme.
The central government aims to increase farmers’ income by promoting the use of modern machinery in agriculture, and the Farm Machinery Bank Scheme plays a vital role in achieving this goal. The unique aspect of this scheme is that farmers will only need to invest 20% of the total cost, while the remaining 80% will be subsidized by the government. Subsidies ranging from Rs 10 lakh to Rs 1 crore will be provided under this scheme.
Throughout this article, we will share important details. If you are a farmer and want to take advantage of the Farm Machinery Bank Scheme 2023, all the information is provided below.
Benefits of Farm Machinery Bank Scheme 2024
- Any farmer in the country can avail of this scheme.
- Farm Machinery Banks will be set up in rural areas, allowing farmers to rent agricultural machinery.
- The beneficiary will only pay 20% of the total cost; the remaining 80% will be funded by the Government of India.
- Farmers can receive subsidies for up to three different types of machinery within a year.
- This scheme makes farming easier and more affordable by providing access to modern equipment.
- Custom hiring centres will also be established for better implementation of the scheme.
- Farmers will save time and increase yield with modern agricultural equipment.
- The scheme will strengthen farmers’ financial conditions and improve the quality of farming.
- It will improve the standard of living for farmers and contribute to the growth of the agricultural sector.
Eligibility Criteria for Farm Machinery Bank Scheme 2024
- The applicant must be a resident of India.
- The farmer must have a bank account linked to Aadhar.
- The applicant must be 18 years or older.
- The applicant should not be receiving benefits from any other agricultural subsidy scheme.
- The farmer must meet all government standards.
Required Documents for Farm Machinery Bank Scheme
- Aadhar Card
- Ration Card
- Residence Certificate
- Income Certificate
- Bank Account Details Linked to Aadhar and Passbook
- Mobile Number
- Passport Size Photo
- Land Documents
- Caste Certificate
How to Register for Farm Machinery Bank Scheme 2024
- Visit the SOME USEFUL IMPORTANT LINKS section above and click on the Farm Machinery Bank Registration link.
- On the homepage, click the registration tab.
- Choose one of the following categories:
- FARMER
- MANUFACTURER/IMPORTER
- ENTREPRENEUR
- SOCIETIES/SHG/FPO
After clicking your category, read the information and click the Close button to proceed.