Karnataka waives Rs 8,165 crore worth farm loans

Siddaramaiah also said the Centre will now have to come to the rescue of farmers by waiving the loan obtained by them from nationalised and grameen banks.

By: Express Web Desk | Bengaluru | Updated: June 21, 2017 5:37 pm
farmer loans, JDS chief H D Kumaraswamy, Karnataka farmers, Karnataka government, Karnataka government on farm loan waive, Siddaramaiah “Farmers are in distress. They have been demanding loan waiver. We have to respond to farmers, even though it will have an impact on state’s finances,” Chief Minister Siddaramaiah said.

The Karnataka government on Wednesday waived Rs 8,165 crore worth farm loans. Loans of upto Rs 50,000 per farmer will be written off, the government announced in the assembly. The move will help about 22,27,506 farmers who have obtained loans from cooperative banks.

Chief Minister Siddaramaiah said: “Farmers are in distress. They have been demanding loan waiver. We have to respond to farmers, even though it will have an impact on state’s finances.”

He said in the interest of agriculture sector, the government has decided to come to the rescue of 22,27,506 farmers and waived their crop loan or short-term loan from cooperative banks, outstanding till yesterday, by Rs 50,000 on each farmer.

A total of 22,27,506 farmers have obtained loan of about Rs 10,736 crore from cooperative banks in the state.

Siddaramaiah also said the Centre will now have to come to the rescue of farmers by waiving the loan obtained by them from nationalised and grameen banks.

He said the crop loan obtained by farmers from cooperative banks amounts to just 20 per cent, while 80 per cent is from grameen, nationalised and others banks that come under the ambit of the central government.

With PTI inputs

For all the latest India News, download Indian Express App

  1. V
    virginia gulon
    Jun 25, 2017 at 1:47 am
    Dear Sir/Madam This is like a lifetime opportunity to get a legit loan today, have you been searching for a loan and still have not gotten your loan, seek no more, Virginia Gulon Loan Service ltd is the major key to getting a legit loan, loans are being approved with just 3 interest rate to private and 5 interest rate to companies and the world at large, there are no such fees like Transfer fees, loans are transferred from the companies bank account straight to the loan beneficiary account that will be required for the transfer of your funds.Email me today to apply for a loan to finance whatever it may be, loans are quick and transfers are quick to reflect on the beneficiary bank account balance. we render the following services: Unsecured Secured Concessional Subsidized Demand etc email virginiagulonloanservice now. Best regards
    (0)(0)
    Reply
    1. Anubhav Bernard
      Jun 24, 2017 at 1:43 am
      We are urgently in need of kidney donors for the sum of $450,000,00 for your Kidney. I'm Dr Anubhav Bernard a nephrologist in India Kokilaben Hospital If you are interested in selling your kidney please don’t hesitate to contact us What-sup for more details: Phone: 9751581857 WhatsApp: 919751581857
      (0)(0)
      Reply
      1. N
        Nirav
        Jun 22, 2017 at 3:15 am
        When will Gujarat give wavier to farmers ? My family have crop loan of 2.75 lakhs.
        (0)(0)
        Reply
        1. R
          Rushil
          Jun 21, 2017 at 6:55 pm
          This is stupid and risky. The previous UPA government, the Yogi government, the Maharashtra government and now this. They are committing huge mistakes by these loan waivers by just vote bank politics. How will this be a long term solution ? This year was bumper harvest and still loan waiver. How about when drought or floods strike ? You need to invest in planning, technology and education not this. This will just hurt the economy by delaying the problem. The center instead of saying "the states are responsible for the loan waiver" should have instead bought the states and central ministries together and said " no loan waivers - lets decide on a long term solution for improvement of farmers"
          (0)(0)
          Reply
          1. L
            l s
            Jun 21, 2017 at 6:54 pm
            Waving off of loans is a good business for and by farmers. Every year, the farmers take loans , knowing very well that the loans would be waived. This sort of political act's is nothing but corrupting the farmers to do wrong. Politicians should not have the powers to wave of huge loans. Who's money are they alloting.
            (0)(0)
            Reply
            1. Load More Comments