On Independence Day, Chief Minister K Chandrashekhar Rao announced that farm loans up to Rs 99,999 will be waived. The government has released the necessary funds to immediately clear the farmers’ debts.
The Chief Minister stated that farmers who borrowed less than Rs 1 lakh will be relieved from their debt burden. The government will pay off the loan amount up to Rs 99,999 directly to the banks. The finance department has already released Rs 5809.78 crore for 9,02,843 farmers, and this amount will be deposited in their bank accounts as part of the loan waiver.
Due to the challenges posed by the Corona pandemic, lockdowns, and the consequences of demonetization, the government faced difficulties in mobilizing resources. However, they have already paid Rs 1943.64 crore to banks for 7,19,488 farmers who had loans up to Rs 50,000. This amount has been deducted from the loan waiver accounts. Recently, an additional Rs 5809.78 crore has been released for farmers who owe up to Rs 99,999 to the banks.
