Krishi Rin Samadhan Yojana (Kisan Karj Rahat) for Farmers in Madhya Pradesh

Dated: March 28, 2018 | Updated On: March 28, 2018 | By: Karan Chhabra | |

Madhya Pradesh govt. has approved the launch of Krishi Rin Samadhan Yojana for farmers. This debt relief scheme will waive off the interest on bank loans of defaulter farmers. All the farmers who were unable to pay off their loans till 30 June 2017 will get covered under this scheme. MP govt. will provide Rs. 2600 crore for this Kisan Karj Rahat Scheme / MP Loan Waiver Scheme. This Bank Loan Interest Waiver Scheme will benefit around 17.78 lakh farmers in MP.

State Cabinet also allows the farmers to pay their loans in 2 installment. Accordingly, 1st installment is to be paid till 15 June 2018. After paying 1st installment (50% of loan amount), govt. will provide Interest Subsidy and will waive off the interest of defaulter farmers.

Moreover, govt. will approve a new credit limit for another loan in 2018. For this, MP govt. will cover 80% of the debt amount and banks will bear the remaining 20% amount.

MP Krishi Rin Samadhan Yojana – Kisan Karj Rahat Scheme

The important features and highlights of this MP Loan Waiver Scheme are as follows:-

  • All the farmers who have failed to deposit their part time loans (defaulters) till 30 June 2017 will get debt relief.
  • MP govt. will waive off the interest on bank loans under the Kisan Karj Rahat Scheme. This scheme will help around 17.78 lakh defaulter farmers in the state.
  • Now farmers can pay their debt in 2 equal installments and first installment of 50% of loan amount is to be paid till 15 June 2018.
  • After payment of 50% of principal amount, interest will get waived off and a new credit limit will get approved for loan in FY 2018.
  • Moreover, the remaining principal amount of loans will get converted to cash loan @ 0% interest scheme.
  • MP govt. has allocated Rs. 2600 crore for this MP Loan Waiver Scheme / Krishi Rin Samadhan Yojana. The state govt. will bear 80% of the debt amount while the co-operative banks have to bear 20% of the debt.

Krishi Rin Samadhan Yojana will help in financial inclusion of defaulter farmers. The primary objective is “doubling the farmers income by 2022”.

Krishi Rin Samadhan Yojana

Krishi Rin Samadhan Yojana

Other Major Decisions – Krishak Samriddhi Yojana & Kalyani Sahayata Yojana

In addition to the MP Farm Loan Waiver Scheme, state cabinet also approves to provide previous year bonus of Rs. 200 per quintal and Rs. 265 difference amount of present year for wheat and paddy crops. MP govt. will deposit the money directly in the bank accounts of farmers on 16 April and 10 June 2018. Moreover under Krishak Samriddhi Yojana, govt. will provide a bonus amount of Rs. 100 on gram, lentils and mustard crops.

MP govt. is going to form 43 new tehsils in 30 urban areas with population between 1 to 5 lakh. Bhopal and Indore will have 5 new tehsils each, Gwalior and Jabalpur will have 3 new tehsils each, Ujjain will have 2 new tehsils and 25 other districts will have 1 tehsil each. Every Tehsil will get Rs 2 crore for building purpose, Rs 5 lakh each for vehicle, a tehsildar, additional and deputy tehsildar, assistants (peon grade) and other staff.

Another major decision is the launch of Mukhyamantri Kalyani Sahayata Yojana. Widows will now be called as “Kalyani”. Govt. will lay special emphasis on Widow Remarriage and will provide Rs. 2 lakh each on their remarriage. Moreover, all the women up to the age of 79 years will get Rs. 300 as pension and above 79 women will get Rs. 500 per month.

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