State govt to waive off crop loans availed from commercial banks in one go

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State govt to waive off crop loans availed from commercial banks in one go

State govt to waive off crop loans availed from commercial banks in one go

SC L S   ¦    G Mohan   ¦   Jun 12, 2019 05:29:50 PM (IST)

State govt to waive off crop loans availed from commercial banks in one go-1

Bengaluru: The Congress-Janata Dal (S) state coalition government rolled out a circular regarding waiver of crop loans taken from the commercial banks, here on Wednesday, June 12.

In its orders, it has mentioned that the overdue and restructured loans and incentive related loans which were availed from commercial banks would be waived off at once.

According to reports, the loans overdue amount to Rs 3057 Crore, restructured loans Rs 2812 Crore and incentive for regular loans Rs 720 Crore.

According to the circular, the decisions on SBA loans and interest amount that has to be repaid from January 1, 2018, would be taken separately.

The state coalition government has said that it would also hand over the confirmation certificate on the same to all the beneficiaries.