Decks have now been cleared for waiver of farm loans from nationalised banks, with Chief Minister H.D. Kumaraswamy on Friday announcing that banks had agreed to the government’s proposal of repayment in four instalments, starting this fiscal.
Over 23 lakh farming families having loan accounts in nationalised banks are set to benefit under the scheme. This will cost the government Rs. 30,133 crore, including Rs. 7,419 crore as interest calculated at the rate of 12 %. This is apart from Rs. 9,448 crore released towards loan waiver in the cooperative sector.
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