In Hyderabad, Chief Minister A Revanth Reddy announced that loans up to Rs 1 lakh will be waived off on July 18 as part of the farm loan waiver scheme. This decision comes after criticism from the opposition regarding the linkage of ration cards. The Chief Minister clarified that only those with pass books will benefit from the scheme, as ration cards are just for identification purposes.
The loan waiver amount will be directly deposited into the bank accounts of the farmers. The Chief Minister has instructed Collectors to organize the launch of the scheme at all “Rythu Vedikas” in villages on July 18, with various people’s representatives in attendance. Banks have been told to ensure funds are properly utilized and deposited into farmers’ accounts, with strict action threatened against any officials who adjust the amount elsewhere.
It is estimated that Rs 15,000 crore will be needed to clear farmers’ debts in a single day under this scheme. The State Finance department has arranged funds from various sources, including borrowing from RBI and other financial institutions. In case of insufficient funds, costly government lands in Greater Hyderabad may be mortgaged to raise the necessary amount.
