Jharkhand to Waive Loans Up to Rs 2 Lakh for Farmers

State government initiates relief measures for indebted farmers, seeks proposals from banks.

Jharkhand’s government announces a loan waiver up to Rs 2 lakh for farmers, inviting bank proposals to facilitate the scheme.

RANCHI – Jharkhand’s Agriculture, Animal Husbandry, and Cooperative Minister Badal Patralekh announced that loans up to Rs 2 lakh for farmers will be waived.

For this initiative, he has requested all banks to submit proposals.

Loans ranging from Rs 50,000 to Rs 2 lakh taken by farmers until March 31, 2020, will be waived through a one-time settlement.

Proposals have been invited from all banks to facilitate this scheme.

Minister Badal Patralekh held a meeting with the officials of the State Level Bankers Committee at Nepal House on Friday to discuss the loan waiver scheme for agricultural loans, including Kisan Credit Card (KCC) loans.

He emphasized that the state government is fulfilling its promise to provide relief to farmers burdened by bank loans.

As of now, loans up to Rs 50,000 for more than 4.73 lakh farmers in Jharkhand have been waived, with the government disbursing over Rs 1,900 crore to the banks for this purpose.

In the 2021-22 fiscal year, the government had announced the waiver of loans up to Rs 50,000 to aid farmers, executing all applications with completed KYC.

The meeting also decided to waive loans for SC/ST and weaker section farmers.

Minister Badal Patralekh directed bank officials to send proposals to the state government for closing accounts that have become Non-Performing Assets (NPA), aiming to make farmers debt-free.

For borrowers who have died or whose accounts have become NPA, they will be included in the category of beneficiaries without KYC upon presenting competent evidence.

A senior banking official stated, “The government’s initiative is a significant step towards alleviating the financial burdens of our farmers and ensuring their economic stability.”