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Exclusive: CBN announces Loan Waiver Procedure
By: Tupaki Desk | 21 July 2014 2:00 PM GMT
Finally the suspense has been over on the much debated loan-waver scheme.Andhra Pradesh Chief Minister Chandra Babu Naidu has announced the loan waiver for farmers a short while ago.
According to Babu The government will be waiving off the loans (crop loans and gold loans combined) up to 1.5 Lakhs to each family. The government will make sure each family will get only 1.5 Lakhs benefit irrespective of any number of accounts and loans the family possess.
The waiver will also be extended to families those who already repaid the loans. The AP CM assured that this decision will waive off the loans to 100% for almost 96% of farmers and it will cost 37,900 Crores on stat exchequer.Chandrababu stated that government is yet to receive a response from RBI over one year moratorium and 7 years rescheduling.
Earlier in the day Kotaiah committee submitted its report on loan waiver scheme,The Committee reportedly incorporated above guidelines on the issue of Farm Loan Waiver in its report.
According to Babu The government will be waiving off the loans (crop loans and gold loans combined) up to 1.5 Lakhs to each family. The government will make sure each family will get only 1.5 Lakhs benefit irrespective of any number of accounts and loans the family possess.
The waiver will also be extended to families those who already repaid the loans. The AP CM assured that this decision will waive off the loans to 100% for almost 96% of farmers and it will cost 37,900 Crores on stat exchequer.Chandrababu stated that government is yet to receive a response from RBI over one year moratorium and 7 years rescheduling.
Earlier in the day Kotaiah committee submitted its report on loan waiver scheme,The Committee reportedly incorporated above guidelines on the issue of Farm Loan Waiver in its report.
