Independence Day gift: KCR govt clears farm loan up to Rs 99,999 in a flash

HYDERABAD: Less than two weeks after the farm loan waiver scheme was launched, chief minister K Chandrasekhar Rao on Monday showered an Independence Day gift by announcing that all the agri loans up to Rs 99,999 taken by farmers in the state would be cleared immediately.

He directed the finance department to deposit the amounts in the farmers' accounts immediately.Though the state government had earlier announced that farm loans up to Rs 1 lakh would be cleared in a phased manner till September second week, the CM asked the officials to clear the loan waiver dues immediately on the occasion of Independence Day.
Following the CM's directive, the finance department released Rs 5,809 crore to 9.02 lakh lakh farmers, which will be deposited into the bank accounts of farmers. With this, 16.66 lakh farmers got the loan waiver benefit so far and Rs 7,753 crore was released to banks.
The CM said the state government has once again proved it's a 'farmer-friendly' government by implementing various schemes such as Rythu Bandhu, Rythu Bima, 24x7 free power to agriculture sector .
KCR had assured during 2018 assembly general elections that if BRS was voted to power, the government would waive the farm loans up to Rs 1 lakh taken as on December 11, 2018. The CM said though the government wanted to clear the loans immediately, it took almost a year to get the details from the banks on loans and the process got further delayed due to economic slowdown caused by demonetisation and later Covid-19 impact.