Loan Waiver

Telangana government is all set to launch a farm loan waiver programme, part of its poll promise benefitting 70 lakh farmers, on Thursday, official sources said. Chief Minister A Revanth Reddy had earlier announced that the government would implement the loan waiver up to Rs 2 lakh by August 15. The loan waiver funds up to Rs one lakh will be deposited in the farmers' accounts at 4 pm on Thursday. The chief minister said Rs 7,000 crore in total would be credited to the accounts of farmers whose loans of up to Rs one lakh are being waived. Crop loans of up to Rs 1.5 lakh would be waived by the end of July, and the loan waiver process would be completed in August when loans of up to Rs two lakh are dispensed with. Reddy also suggested organising a gathering of farm loan waiver scheme beneficiaries at "Rythu Vedikas" and Ministers, MLAs and other public representatives of the respective districts should also attend and share the joy with the farmers. Ahead of the launching of the ...

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The Telangana government on Monday released Rs 5,809.78 crore towards the loan waiver of over nine lakh farmers. Chief Minister K Chandrasekhar Rao directed finance officials to pay dues of up to Rs 99,999 per farmer to the banks as per his assurance earlier that 'farmers who took loans up to Rs one lakh (each) would be liberated from debt', an official release said. Accordingly, Rs 5,809.78 crore for 9,02,843 farmers was released on Monday, it said. Despite the problems for the state government in mobilising funds due to COVID-19 pandemic and demonetization, the state government has already paid Rs 1,943.64 crore for 7,19,488 farmers who took loans of up to Rs 50,000, it said. With today's decision, more than 16 lakh ryots benefited in total, the release added. CM KCR on August 2 directed state Finance Minister T Harish Rao and officials to "resume" farm loan waiver from August 3 and complete it by the second week of September.

The Central Board of Direct Tax has clarified in a circular that the banks are not required to deduct 10% TDS on one-time settlement (OTS) or loan waivers.

Chhattisgarh Chief Minister Bhupesh Baghel on Saturday countered Prime Minister Narendra's Modi's criticism of 'revdi' or culture of freebies by stating that waiver of loans of big industrialists should then be called 'rabdi'. Both revdi and rabdi are types of sweets. Speaking at the inauguration of the new district of Sarangarh-Bilaigarh, Baghel said people should understand the Bharatiya Janata Party's intentions. "When the Congress government in Chhattisgarh procures rice at Rs 2,500 from farmers, gives Rs 7,000 to (landless) labourers, gives 35 kg of rice to the poor, halves electricity bill for consumption of up to 400 units and provides free education, they (BJP) call it revdi (freebies)," he said. "When we waive the loans of farmers you call it revdi, but when the loans of Rs 10 lakh crore of top ten industrialists gets written off, then it is not revdi, it is milk cake. It is rabdi," the CM said. If the BJP came to power in Chhattisgarh again "by mistake", it would never

In his address to the Assembly at the start of the Budget Session, the governor spoke of the initiatives to create jobs in rural areas, and augment health infrastructure to fight the Covid-19 pandemic

The Punjab government has waived loans worth Rs 41.48 crore of 10,151 Scheduled Caste youths after they found it difficult to repay the money due to various reasons

Badal claimed Congress legislators had established cement tile factories and forced village sarpanches to purchase tiles from them at inflated rates

The Election Commission must ban loan waiver poll promises by all political parties. If their hearts bleed for the poor, they can always use the party funds to pay off the lenders

Of the 23 million farming households in UP, almost 21 million, or more than 90 per cent, are of small and marginal farmers with fragmented land holdings, living on low farm income

The Reserve Bank of India on late Thursday said Rs 3.18 billion of Tier 2 bonds of Lakshmi Vilas Bank Ltd. will be fully written down as DBS Group Holdings Ltd

The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore borrowed from the banking system,

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We need to see concrete results on the ground, says the court as it set November 2 as the next date of hearing in the matter.

No more adjournments, says bench; next hearing Sept 28

The microfinance sector has faced some new problems amidst the continuing outbreak of coronavirus and the recent lockdown caused due to it, Satya Micro Capital said in a statement

The Supreme Court Bench said if a loan account had not been declared bad as of the end of August, it should not be classified as NPA till the moratorium case was disposed of

This loan waiver comes over two years after the Rs 34,000 crore loan waiver announced by the then BJP-Sena government in 2017

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Corporate Affairs Secretary Injeti Srinivas estimates the waiver will cost Rs 10,000 crore annually.