Cabinet approves guidelines for Implementation of the Agricultural Debt Waiver and Debt Relief Schem

May 23rd, 2008 - 5:47 pm ICT by admin  

New Delhi,May 23 (ANI ):The Union Cabinet today gave its approval for the Guidelines for the implementation of the Farmers Debt Waiver and Debt Relief Scheme, 2008.
The Scheme will cover direct agricultural loans extended to marginal and small farmers and other farmers by Scheduled Commercial Banks, Regional Rural Banks, Cooperative Credit Institutions (including Urban Cooperative Banks) and Local Area Banks. The Scheme shall come into force with immediate effect.
Some features of the scheme are
(1 )All direct agricultural loans (crop loans, investment credit for direct agricultural activities and investment credit for allied activities) disbursed to farmers between March 31, 1997 and March 31, 2007 and overdue as on December 31, 2007 and remaining unpaid until February 29, 2008 are covered under the Scheme.
(2)Full debt waiver of the eligible amount will be given to small & marginal farmers. This will benefit around 3,69,00,000 small & marginal farmer accounts.
(3 )Direct agricultural loans disbursed under Kisan Credit Card (KCC) would be eligible for debt waiver/debt relief.
(4 )The Scheme provides debt waiver/debt relief to farmers whose loans were rescheduled and restructured by the banks up to March 31, 2007 as per applicable RBI guidelines or through the special packages announced by the Central Government in 2004 and 2006.
(5) Farmers will not be required to make any application for debt waiver/debt relief. Relief would be based on the total landholding of the farmer as per records maintained by the lending institution at the time of sanction. The lending institutions shall display on the Notice Boards of each branch the list of farmers eligible for debt waiver and the list of farmers eligible for debt relief and specifically mention the amount of debt waiver or debt relief proposed to be granted in each case.(ANI)

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