Telangana Govt clears last round of ₹5,809 crore loan waiver, benefiting 9.02 lakh farmers
An amount of Rs 5,809.78 crore was immediately released by and would be directly deposited into the bank accounts of 9,02,843 farmers.
- Telangana
NewsTAP Bureau- Updated On:15 Aug 2023 3:11 AM GMT
HYDERABAD: In a significant move, the Telangana Government has disbursed a loan waiver, amounting to ₹5,809 crore, which will provide substantial relief to around 9.02 lakh farmers. This payment comes as a fulfillment of Chief Minister K Chandrashekar Rao's (KCR) promise to alleviate the burden of debt on farmers.
The Government on Monday waived off farm loans up to ₹99,999. The Special Chief Secretary to Finance Ramakrishna Rao issued the necessary instructions on Monday to carry out this loan waiver.
An amount of Rs 5,809.78 crore was immediately released by the State Government and would be directly deposited into the bank accounts of 9,02,843 farmers. This move aligns with the Chief Minister's commitment to provide debt relief to farmers who had taken crop loans of less than ₹1 lakh on or before December 11, 2018.
The loan waiver process would be executed in a phased manner, as directed by the Chief Minister. An initial sum of ₹1,943.64 crore was already paid to banks for the loan waiver of 7,19,488 farmers who had taken loans up to ₹50,000. Additionally, ₹5,809.78 crore was released on Monday for the loan waiver of farmers with loans up to ₹99,999.
From the day KCR announced the farmers' loan waiver on August 2, 2023, Finance Minister Harish Rao and Special Principal Secretary of Finance Department Ramakrishna Rao chalked out a 45-day action plan and executed the same. As part of this, daily reviews and meetings with bankers were held to implement the loan waiver scheme. With this latest decision, a total of 16,66,899 farmers in the State would benefit from the loan waiver initiative.
