Yogi Adityanath Cabinet waives off crop loans worth Rs 36,000 crore

UP to float Farmers' Relief Bond for composite waiver amount; decision to benefit 21.5 mn farmers

Within a fortnight of taking office, the Yogi Adityanath-led Bharatiya Janata Party (BJP) government in Uttar Pradesh (UP) on Tuesday fulfilled its key poll promise, writing off crop loans of up to Rs 1 lakh for about 21.5 million small and marginal farmers.

The total waiver will be of Rs 36,359 crore — one of the highest-ever promised by a state. 

Of this, Rs 5,630 crore of NPAs, or non-performing assets, of 700,000 farmers will be immediately waived. This would not only enable these farmers to seek new loans, but also clean up the account books of the banks involved.