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Current Affairs

Jharkhand’s farm loan waiver scheme

Date: 25 December 2020 Tags: Miscellaneous

Issue

The Jharkhand cabinet has approved a farm loan waiver scheme with a total budget of Rs 2,000 crore. 

 

Details

  • The number of farmers in Jharkhand is anywhere between 22 lakh to 32 lakh and most are single crop growers. It has 12.93 lakh farmers who have farm loans.

  • During first phase of implementation only 10,500 ‘Standard KCC’ crop loan accounts on a sample basis will be benefited on December 29.

 

Eligibility

  • The loan waiver scheme will give relief to 7.83 lakh farmers in the state. In addition to this, Rs 50,000 will be waived for 1.24 lakh farmers.

  • For each farmer, the capping is at Rs 50,000.The amount will be paid by the government to their respective banks.

  • Both landowners and landless farmers will be eligible. The farmer should have repaid instalment at least once during the repayment period.

Process

  • In the first phase, the implementation will be done manually. Banks will collect certified copies of farmers’ Aadhaar and ration cards, and retain them for either uploading on a web portal or producing it to the competent authority.

  • Online Aadhar seeding with respective KCC loan accounts have been done. The banks will charge the farmers Re 1 for the service.