CSR

AP Issues Farm Loan Waiver

After Telangana government issued orders for farm loan waiver, Andhra Pradesh government too has issued orders to pave the way for the loan waiver
AP Issues Farm Loan Waiver

After Telangana government issued orders for farm loan waiver, Andhra Pradesh government too has issued orders to pave the way for the loan waiver that will benefit over 40 lakh agriculture families in the state. By issuing the orders Chief minister N Chandra Babu Naidu has honoured his pre-poll promise.

It is expected that the orders will benefit over 40 lakh agriculture families in the state. The orders issued by the finance department came with guidelines to implement the loan waiver up to Rs 1.5 lakh for each farming family.

As per the orders, the waiver will come into effect when the agriculture crop loans and gold loans availed for agricultural purposes, together does not exceed Rs1.5 lakh per family. It is expected that the waiver will infuse fresh capital not exceeding Rs 1 lakh per women self help group in order to financially strengthen the groups. The crop loans and agriculture gold loans disbursed for crop purposes, including the loans converted to medium term loans due to calamities, upto December 31, 2013, and the outstanding (including& nbsp;interest) as on March 31, 2014, are eligible for coverage under the scheme. Loans which are outstanding as on March 31, 2014, would be eligible for waiver even if they were subsequently repaid to the bank.
Branch manager of bank or cooperative will maintain an individual account for a family manually, wherein the amount eligible for waiver will be shown and when the amount is released by the government, adjustments would be made in this account, according to the orders. Controllers of banks have been asked to ensure uploading of branch-wise data to the government portal and district administration to render necessary assistance to banks to get full details from the farmers.
 
 

 

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