No Matter What, I Will Fulfill My Promise To Waive Farm Loans- C B N

[psycopk]

"No matter what, I will fulfill my promise to waive farm loans!"
- CBN

CBN today announced modalities for the massive Crop Debt Redemption Scheme in Andhra Pradesh aiming to cover 26.77 lakh beneficiaries under phase I.

CBN said, “The loan waiver was the most important poll promise made seeing the plight of farmers. And this was the first file I signed after assuming office as Chief Minister. In spite of starting the journey with a deficit of Rs. 16,000 crore, and tough financial situation, the
Government is committed to implementation of the loan reschedule.”

As per the data collected, there are 82.66 lakh accounts and of this 40.43 lakh accounts have been cleared for waiver in Phase I.

Important dates and info:

· List of beneficiaries for Phase I: December 6
· List of beneficiaries for Phase II: December 9-14
· Total relief amount per agriculture family: Capped at Rs. 1.5 lakh
· Loan amount of each family with loan more than Rs. 50,000 will be given full redemption
· Families with loan amounts of Rs. 50,000 would be given 20 per cent redemption now and remaining 80 per cent adjusted on annual basis, over the next four years as per the norms
· Families with loans taken for horticulture will be given relief of Rs. 10,000 per acre
· Loan disbursement between April 1, 2007 and December 31, 2013 is covered
· Only crop loans are eligible for waiver
· Priority given to tenant over owner, when both have availed loan on the same survey number, in the same season
· When more than one member of a family has availed loan, Rs. 1.5 lakh will be apportioned
· Crop loans on priority, followed by converted crop loan and then gold loan
· If loan is taken from more than one bank branch, priority would be accorded to bank with original pledged document.