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TS loan waiver gets rolling
Telangana State Loan Waiver Gets Rolling. The much-touted loan waiver scheme of the Telangana government has been rolled out officially on Monday with Chief Minister K Chandrasekhar Rao issuing orders to release Rs 4,250 crore to be paid to bankers as a first installment.
KCR releases Rs 4,250 cr as first installment
Hyderabad: The much-touted loan waiver scheme of the Telangana government has been rolled out officially on Monday with Chief Minister K Chandrasekhar Rao issuing orders to release Rs 4,250 crore to be paid to bankers as a first installment. This is 25 per cent of total amount of Rs 17,000 crore to be borne by the State government for waiving off loans of nearly 36 lakh farmers in the State.
The Cabinet Sub-Committee on loan waiver submitted its report to Chief Minister on Monday. After approving the report, KCR directed authorities to issue GO immediately.
Speaking to media, the Agriculture Minister Pocharam Srinivas Reddy said banks would undertake renewal of loans immediately as the deadline for availing loans for this Kharif would end by September 30. He said if the government had not taken this decision it would have attracted a penal amount of 12 per cent from October 1. Reddy stated that they would clear the loan waiver amount in four installments.
The bankers had also agreed to give fresh loans. Scheme would be applicable to genuine farm loans taken by pledging gold, the Agriculture Minister said. Finance Minister Etela Rajender said although government had suggested to the banks that it would issue cheques and bonds, but bankers said they would agree for clearing the entire loan amount in four instalments. Rajender said the Cabinet Sub-Committee would be meeting bankers committee on Tuesday to speed up loans for Kharif season. Meanwhile, Telangana government constituted three grievance redressal mechanisms at State, district and mandal level to ensure loan waiver formalities complete without a hitch.
