The state government will pay the banks 20 per cent of the amount as immediate relief
Andhra Pradesh's Crop loan waiver accepted
Hyderabad: The State-Level Bankers’ Committee has accepted the proposals of AP government on farm loan waiver. The state government has decided to set up a Farmers’ Empowerment Corporation to mobilise funds and to pay the bank loan dues on the behalf of the farmers.
The state government will pay the banks 20 per cent of the amount as immediate relief. Subsequently, the banks will renew the farmers’ loans.
If the farmers want fresh loans, they have to pay the loan dues. The state government will issue bonds to the farmers and each bond will be worth of Rs 25,000. Final decision on waiver will be taken in the Cabinet on Wednesday.
( Source : dc correspondent )
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