The details of the Punjab Kisan Card initiative on Friday surfaced, which aims at providing financial support to the farmers.
According to the details, farmers with less than 12.5 acres of agricultural land will be eligible for the Kisan Card.
Up to Rs150,000 in interest-free loans will be available per season.
Initially, 500,000 Kisan cards will be issued on a first-come, first-served basis. The project will cost Rs 75 billion.
The Bank of Punjab (BOP) will distribute the cards, and registration will be conducted online.
The Farmers will need to pay a processing fee of Rs1,000 per acre. Loans can only be used to buy seeds and fertilisers, which must be purchased from registered dealers of the BOP. So far, 10,000 dealers have been registered.
Meanwhile, the farmers will have to repay their loans to qualify for the next season’s loan.
A 12-member committee has been formed to oversee and review the scheme's implementation.
Earlier in March, Punjab Chief Minister Maryam Nawaz had approved the Kisan Card for farmers and a centre of excellence for research and development on cotton, wheat, and rice crops.
During the meeting, it was decided that the administrative affairs of the center would be managed through a board and also the research center would be linked with regional universities.
The meeting discussed proposals to reform the Punjab Seed Corporation and the Punjab Agricultural Research Board, and also reviewed bringing a law to stop the use of agricultural land for residential purposes.
