Process to waive off farmers’ loans begins

Thursday, 26/10/2017

http://epaper.dailypostindia.com/Details.aspx?id=182438&boxid=58833&uid=&dat=2017-10-26

Chandigarh : Finally, the hopes of debt-stricken farmers in Punjab are nearing fulfilment as Punjab government has decided to release funds to cooperative banks and societies.

In the first phase of debt waiver, as many as 6.40 lakh small and marginal farmers will accommodated to get freedom from debt at a flat Rs two lakh each.

According to CMO (Chief Minister Office), from the beginning of November, funds would be released and in the next phase, the process will be started to waive off the loans of private and national banks. The entire process, as promised by the government, is likely to be completed by the middle of November. To complete this process, the government needs Rs 9,500 crore. Sources stated that funds for the purpose of loan waiving have been arranged.

Punjab government had announced to waive off loan of more than 10.25 lakh farmers. To waive off the loan, the government had to face a complicated situation.

In last seven months of government, seven major efforts have been made, but could not succeed.

According to sources, out of 10 lakh farmers, there are 6.40 lakh farmers, who have borrowed loans from cooperative banks and societies in the state. The list of these 6.40 lakh farmers have been handed over the state government by the cooperatives institutions.

After the issuance of notification in this regard, the process has been started to release the money of debt waiver, which is likely to be completed in the first week of November.

Immediately after this, the certificates of ‘debt-free’ will be issued.

After the first phase, further process to waive off the loan of rest of four lakh farmers will be initiated, who have borrowed loan from private and national banks. Sources said that it is the target of the government to complete the process of debt waiver of 10.25 lakh farmers till the middle of November, by giving funds or taking responsibility of debt on its own.

Highlights

Punjab government had announced to waive off loan of more than 10.25 lakh farmers.

To complete this process, the government needs Rs 9,500 crore. Sources stated that funds for the purpose of loan waiving have been arranged.

According to sources, out of 10 lakh farmers, there are 6.40 lakh farmers, who have borrowed loans from cooperative banks and societies in the state. The list of these 6.40 lakh farmers have been handed over the state government by the cooperative institutions.

Target is to complete the process of debt waiver of 10.25 lakh farmers till the middle of November.