Maharashtra farm loan waiver amounts to be deposited in bank accounts from Tuesday

The loan waiver amounts will be deposited in farmers' bank accounts from Tuesday, Maharashtra cooperation minister Subhash Deshmukh said on Monday.

PTI October 23, 2017 22:55:20 IST
Maharashtra farm loan waiver amounts to be deposited in bank accounts from Tuesday

Mumbai: The loan waiver amounts will be deposited in farmers' bank accounts from Tuesday, Maharashtra cooperation minister Subhash Deshmukh said on Monday.

"The Diwali holidays delayed transfer of the amount into farmers' bank accounts. From Monday farmers will see the money deposited in their accounts," Deshmukh said.

Maharashtra farm loan waiver amounts to be deposited in bank accounts from Tuesday

Representational image. Reuters

The government has asked the banks to settle farmers' loan dues from the deposited amounts and initiate the procedure to issue them loan-clear certificates, a senior official of the cooperation department said.

Farmers can then avail of fresh loans for the next crop, the official said.

The BJP-led Maharashtra government had said while announcing the farm loan waiver scheme in June that of the 89 lakh farmers whom it will benefit, some 44 lakh owe less than Rs 1.50 lakh each to the banks.

The ceiling for loan waiver has been raised from the initial Rs 1 lakh to Rs 1.50 lakh.

"It is a Rs 34,000-crore loan waiver package and we are trying to ensures that it reaches as many beneficiaries as possible," Deshmukh said.

Online registration and verification for loan waiver has filtered out many non-eligible cases, he said.

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