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Karnataka Chief Minister H D Kumaraswamy today announced a mega Rs 34,000 crore farm loan waiver scheme in the maiden budget of the Congress-JDS coalition government Karnataka govt. has announced the launch of Crop / Farm Loan Waiver Scheme (Karj Mafi Yojana) for farmers. In the 1st phase of Karz Mafi scheme, govt. will waive off all the crop loans upto Rs. 2 lakh of defaulter farmers till 31 December 2017
Karnataka Farmer Crop Loan Waiver Scheme
Farmers who repaid the loan within time, as an encouragement to the non-defaulting farmers, I have decided to credit the repaid loan amount or Rs 25,000 to them, whichever is less The state govt. fixes the maximum principal loan amount to be waived off at Rs. 2 lakh. In his maiden budget speech, CM gives hints that the farm loan waiver scheme will be applicable on the loans taken from Nationalised and co-operative banks.
This takes the net loan waiver announced in India over the past 12 months or so to Rs 1.2 lakh crore, even as banks battle mounting bad loans. A report by Kotak Institutional Equities said Karnataka accounts for 8 percent of agricultural loans.All defaulted crop loans of the farmers made upto 31-12-2017 in the first stage will be waived. “Apart from this, to help the farmers who repaid the loan within time, as an encouragement to the non-defaulting farmers