LAHORE: Punjab Agriculture Minister Syed Ashiq Hussain Kirmani on Monday directed the agriculture department to introduce a “Cotton Crop Insurance Pilot Project” and formulation of a “Disaster Crop Insurance” plan for other key crops under the Kissan Card scheme.
He was chairing an important meeting at the Bank of Punjab Head Office to review the progress on the transformation of the agriculture initiative and launch of Kissan Card Phase-II which will be launched by middle of the May 2025. Agriculture mechanization financing projects also came under discussion at this important meeting.
The Minister stressed the need to obtain farmers’ willingness through SMS for the second phase of the Kissan Card loan. So far, 535,000 Kissan Cards have been approved for issuance. A total budget of Rs. 54 billion has been approved for the Chief Minister, Punjab Kissan Card, out of which Rs. 34.7 billion has already been utilized, with 86 per cent spent on fertilizer purchases.
During the meeting, various options were discussed regarding the inclusion of small and medium-scale farmers (owning up to 25 acres of land) in the second phase of the Chief Minister, Punjab Kissan Card. The possibility of increasing the per-acre loan limit was also considered, with final approval to be given by the Chief Minister, Punjab.
Speaking at the occasion, Minister Syed Ashiq Hussain Kirmani suggested that farmers should also be allowed to purchase diesel using the 30 percent cash withdrawal facility provided through the Kissan Card. He emphasized the need to remove transaction charges on purchases made through the Kissan Card.
Under the Mechanization Bank Financing Program, the Bank of Punjab will provide high-tech farm machinery to farmers over the next three years at a total cost of Rs. 50 billion. A farmer can receive an interest-free loan of up to Rs. 50 million for purchasing farm machinery, with a repayment period of five years. Farmers will have the option to buy both locally manufactured and imported agricultural machinery. Minister Kirmani highlighted to increase the number of rice and cotton farming machines.
Copyright Business Recorder, 2025
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