Crop loan waiver announced by CM Revanth Reddy will benefit 3.80 lakh farmers in Karimnagar district. The loan waiver of Rs 2 lakh will apply to farmers who took crop loans before December 9, 2023. DCCB and Lead Bank managers are working to compile the list of loans within this timeframe, totaling more than Rs 2,500 crore in debt forgiven.
Bank officials have identified 80,000 eligible farmers under the Karimnagar Central Co-operative Bank, with about Rs 600 crore set to be waived. An additional 2,50,000 farmers will receive loan waivers through other commercial banks, totaling Rs 1,800 crore. There is some confusion regarding whether small farmers with less than five to ten acres will be eligible for the waiver.
Farmers in the region are pleased with the government’s decision and hopeful for relief from long-standing debts, especially those affected by recent natural disasters. The state government is considering following the central government’s Kisan Yojana scheme, which supports small farmers with less than 5 acres of land. The loan waiver process is expected to be completed by August 15.
The previous government had waived loans twice, totaling Rs 28,000 crore in relief for farmers. This new initiative aims to provide much-needed financial support to the agricultural community in Karimnagar district.
