Karnataka cabinet waives Rs 30,163-cr farm loans

Source: PTI | Published on 25th August 2018, 7:55 PM | State News |

Bengaluru: The Karnataka cabinet today gave its approval to waiving Rs 30,163 crore farm loans in respect of nationalised or commercial banks, as announced in the budget.

“The state government had announced loan waiver in the budget. We have already issued a GO (government order) on a cooperative bank farm loan waiver. In the same way in today’s meeting, we approved waiving of loans from nationalised banks and issued a GO,” Chief Minister HD Kumaraswamy said.

This waiver of Rs 30,163 crore to benefit about 23 lakh farmers also includes interest to be paid by the government to nationalised banks, he said. The government has limited the loan amount to Rs 2 lakh in this waiver. 

The CM said repayment to nationalised banks would be done in six instalments, for which government has already earmarked Rs 6,500 crore for the current year. Earlier this month, the cabinet had given its nod to waiving Rs 9,448.61 crore existing farm loans in respect of cooperative banks, and had issued a GO in this regard.

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