Read, Digital Desk : Tamil Nadu Chief Minister C. Joseph Vijay announced big relief for the state’s farmers on Tuesday. The government has decided to write off crop loans taken from cooperative banks. It will benefit nearly 1.443 million farmers of the state. For this, the state exchequer will be burdened by an additional amount of about 6,000 crore but it would be huge financial relief to the farmers.
Up to Rs 75,000 loan fully waived
The state government, according to Chief Minister’s announcement, will waiver full crop loan up to Rs 75,000 given by cooperative banks from 1 May, 2025, and 28 February, 2026. If a loan amount given is more than Rs 75,000 it will be waiver of Rs 35,000 for them.
Why was this decision reversed
In fact, the government had declared loan waiver of up to Rs 50,000 to small and marginal farmers last month. But it was changed after farmer unions and farmers’ demand, as CM held a meeting with ministers and top officials following which the decision was changed, expanding loan waiver benefit.
Benefit would be in your account within 60 days
Information received from CM Office said according to Reserve Bank of India (RBI) rules, it is necessary to release the entire loan waiver amount to the bank in 45 to 60 days. The state government has said, it is slightly short of money in the state but the Chief Minister has declared a loan waiver of Rs 6,000 crore despite the financial crisis of the farmers during this hard time.
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