Following the announcement of a Telangana authorities waives farm loansSome farmers lined up at banks in search of new loans. In Hanumakonda district, tons of of farmers gathered at a State Financial institution of India department to hunt crop loans, placing banking authorities in a bind.
There was additionally a winding queue in entrance of SBI Financial institution in Parkkal, harking back to the demonetisation period. Some farmers wanting to renew their contracts additionally needed to spend the evening exterior banks.
To deal with the massive variety of candidates, financial institution workers are managing the mortgage renewal course of by a token system.
A couple of days in the past, Telangana Chief Minister A Revanth Reddy launched the second part of the federal government’s crop mortgage waiver scheme in keeping with Congress’ ballot guarantees.
The federal government has launched Rs 6,198 crore to banks to waive the loans of greater than 6.5 lakh farmers. Loans as much as Rs 1.5 lakh shall be waived off within the second part. The primary part was launched on July 18, waiving loans of farmers borrowing as much as Rs 1 lakh.
Forward of the Telangana elections, the Congress promised to waive off loans of as much as Rs 2 lakh to assist farmers.
Talking at an occasion to announce the second part of the plan, Reddy hit out on the earlier BRS authorities, accusing it of failing to meet its promise of waiving loans price Rs 25,000 crore throughout its 10-year rule.
“Now we have proved our sincerity by waiving loans of as much as Rs 1.5 lakh every to round 18 lakh farmers. By waiving loans of as much as Rs 2 lakh in August, we hope to free farmers from the debt burden, identical to how the nation Similar as getting out of debt.
He additional mentioned: “Since independence, no state has applied a mortgage waiver of Rs 31,000 crore just like the Congress authorities in Telangana, which is a document within the historical past of the nation.”
The chief minister additionally claimed that his authorities had paid six-month curiosity of Rs 43,000 crore on loans taken by the KCR-led authorities.
