Over 11.50 lakh farmers to benefit in the first phase of crop loan waiver scheme

HYDERABAD: The first phase of the Crop Loan Waiver Scheme 2024, which will be implemented on Thursday evening, will benefit over 11.50 lakh farmers in Telangana. The scheme aims to waive crop loans up to Rs 2 lakhs for each farming family.

In the first phase, disbursements will begin on Thursday, and up to Rs. 1 lakh will be credited to each eligible farming family's account. A total of Rs 6,098.93 crores will be waived for 11,08,171 loan accounts, benefiting 11,50,193 farmers across the state.

Nalgonda district tops the list in the first phase, with Rs 454.49 crores waived for 83,124 farmers holding 78,463 accounts. Other districts with significant waivers include Siddipet, with Rs. 290.24 crore, and Suryapet, with Rs. 282.98 crore.

In the second phase, the Andole constituency will see Rs 107.83 crores waived for 20,216 farmers holding 19,186 accounts. Other notable constituencies include Husnabad and Kalwakurthy, with waiver amounts of Rs 106.74 crores and Rs 103.02 crores, respectively.

To facilitate the scheme, 61 societies have submitted data from 4,276 bank branches across 32 districts, including 9 DCCBs and five commercial banks in Telangana. Farmer land details and account information will be collected and verified through IT systems to ensure accurate fund disbursement.

Deputy Chief Minister Bhatti Vikarmarka has announced that after waiving off loans up to Rs 1 lakh on Thursday, funds would be released for the second time this month to cover outstanding loans of up to Rs 1.5 lakh. After that, the state government will release loan waiver funds of up to Rs 2 lakh. Overall, nearly Rs 31,000 crore would be spent to clear crop loans of over 40 lakh farmers by the end of August.