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Andhra Pradesh CM Chandrababu Naidu waives a bunch of loans

Published Jul 22, 2014, 7:24 am IST
Updated Mar 31, 2019, 5:46 pm IST
AP CM Chandrababu Naidu. (Photo: DC/File)
 AP CM Chandrababu Naidu. (Photo: DC/File)

Hyderabad: The Andhra Pradesh government has decided to waive Rs 1.5 lakh of crop and gold loans per family and Rs 1 lakh for each Dwcra self-help group. The government also waived loans for handloom weavers and SC borrowers. Farmers who have repaid their loans will get Rs 1.5 lakh.

Announcing the decision after a meeting of the Cabinet, Chief Minister Chandrababu Naidu said the “courageous decision” on loan waiver would cost the government over Rs 46,00 crore. He announced the appointment of a commission to mobilise funds for the purpose. According to sources, TD MP Sujana Chowdary would head the committee.

Read: New twist to loan waiver

Mr Naidu said that the government had taken a “courageous decision on the waiver of farm loans on humanitarian grounds.”

He said the government was waiting for a response from the RBI on rescheduling of crop loans. If the RBI agreed to reschedule the loans, the farmers could borrow again. Otherwise, the state would pay the banks.

Read: Andhra Pradesh government to waive farm loans of up to Rs1.5 lakh per family

Location: Andhra Pradesh


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