Central Government Haryana Govt. Waives Off Penalty & Interest on Crop Loans for Farmers...

Haryana Govt. Waives Off Penalty & Interest on Crop Loans for Farmers (Rs. 4750 cr Package)

Haryana govt. has waived off penalty and interest on crop loans in 3 schemes to provide relief to farmers. CM Manohar Lal Khattar has announced a package worth Rs. 4,750 crore for farmers. Around 10 lakh farmers to get benefits of this package.

CM has waived off penalty on loans taken from Primary Cooperative Agriculture Societies (PACS), District Central Cooperative Banks (DCCBs) and Haryana Land Reforms and Development Bank. The state govt. has also procured all the crops which remain unsold.

Farmers plays a very important role in the growth of the state, so govt. is taking every measure to ensure that living conditions of farmers improve.

Haryana Govt. Waiver of Penalty & Crop Loans Interest

As Assembly elections are inching closer, Haryana govt. waives off penalty and crop loans interest for farmers. Now all the indebted farmers of Primary cooperative, agricultural marketing, District Central Cooperative Banks and Haryana Land Reforms and Development Bank will benefit with this Rs. 4,750 crore package.

PACS Waiver Off Penalty & Crop Loans Interest

In the state, around 8.25 lakh farmers have defaulted in repayment of loans taken from Primary Cooperative Agriculture Societies (PACS). Around 13 lakh farmers have taken loans out of which 8.25 lakh loans become NPAs. Farmers have to pay 7% interest in which Haryana govt. pays 4% and 3% is paid by central government. In case of failure, 5% penalty is also imposed and Haryana govt. waives off 5% penalty of farmers.

Around 3% amount is paid by the central govt. through a scheme and from now onward, govt. will pay 1.5% and rest 1.5% would be borne by PACS. Now full interest and penalty has been waived off and farmers will have to pay only original loan amount. Farmers should deposit money and convert their accounts into normal one. The farmers will get benefit of Rs. 2,500 crore.

DCCB Waiver Off Penalty & Interest on Crop Loans

The state govt. has also announced a package of Rs. 1,800 crore for waiver off penalty on crop loans taken from District Cooperative Central Banks (DCCB). Around 85,000 farmers have taken loans from DCCB out of which 32,000 accounts have become NPAs. Now all the farmers who had availed loans amounting to Rs. 5 lakhs will have to pay only 2% interest instead of 12% to 15%.

All those farmers whose loan is above Rs. 10 lakh will have to pay 10% interest and their penalties have been waived off. The last date to deposit money is 30 November 2019 and farmers would be benefited from this Rs. 1800 crore package.

Land Mortgage Bank Waiver Off Penalty & Crop Loan Interest

CM Manohar Lal Khattar has also made an announcement for farmers who had taken loans from Land Mortgage Bank. Around 1.5 lakh farmers had taken loans through Land Mortgage Bank out of which around 70,000 become NPAs. The total amount is Rs. 1400 crores out of which principal amount is Rs. 700 crores. The state govt. has waived off penalty and now farmers needs to pay only 50% of interest. The remaining 50% has to be paid by the state government which will cost Rs. 450 crore to the state exchequer.

CM Manohar Lal Khattar has announced the waiver of penalty and interest on crop loans worth Rs. 4,750 crore. Around 10 lakh farmers of the state will get benefited.