Farm Loan waiver Scheme: On Thursday, July 19, 2024, the government in the Indian state of Telangana started the first phase of the farm loan waiver scheme while allocating more than 6,098 crore INR to over 11 lakh farmers. Moreover, it has been promised that up to 1 lakh INR would be relinquished for all these beneficiaries. The Chief Minister of Telangana, Revanth Reddy, along with others has declared this particular scheme to be a celebration and this scheme is going to be concluded in another couple of phrases.
Farm Loan Waiver Scheme Benefits
Up to 1 lakh INR has been deposited in the loan waiver funds into the accounts of the farmers at 4 PM on Thursday. Revanth Reddy mentioned that those farmers whose accounts have a total of 7,000 core INR deposited will get a benefit of up to 1 lakh INR being waived off. He also asserted that by the end of July, up to 1.5 lakh INR will be waived off as loans for crops. Moreover, this particular loan waiver process will be accomplished in the month of August when a loan of up to 2 lakh INR will be allocated.
According to the state government, ration cards will only be used to identify families. The total number of ration cards in this state happens to be 90 lakhs and the number of farmer accounts and bank loans is only 70 lakhs. The chief minister has also clarified that as many as 6.36 lakh peasants are bereft of ration cards and have taken farmer loans. They are also eligible for getting this loan above waiver scheme benefit.
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