MP Kisan Karz Mafi Yojana – Farm Loan Waiver Scheme 2019 for Farmers

Madhya Pradesh Kisan Karz Mafi Yojna (Farm Loan Waiver Scheme) approved by cabinet on 5 January 2019 to benefit 55 lakh farmers, govt. to waive off Rs. 2 lakh loans of 55 lakh farmers in MP Kisan Karj Mafi Yojana taken till 12 December 2018 मध्य प्रदेश किसान कर्ज माफ़ी योजना - २ लाख रुपये तक किसानों का कर्ज़ा माफ़
Updated: By: 1 Comment - Leave a Comment

Madhya Pradesh cabinet approved MP Farm Loan Waiver Scheme to waive off loans upto Rs. 2 lakh of farmers. Under this Kisan Karz Mafi Yojana, govt. has decided to write off short term crop loans of 55 lakh eligible farmers. MP Jai Kisan Fasal Rin Mafi Yojana is applicable upto the limit of Rs. 2 lakh as on 12 December 2018 from nationalized and cooperative banks.

MP Kisan Karj Mafi Yojna was a pre poll promise of the Congress govt. in which Rahul gandhi said that if the party is voted to power, then farmers loans would be waived off within 10 days. CM Kamal Nath, just within hours of taking oath as CM, has signed the file of MP Farmer Loan Waiver Scheme. Farmers Welfare & Agriculture Development Department has issued an order in this regard soon after the CM approved the farm loan waiver scheme in the state.

Latest UpdateDownload MP Jai Kisan Rin Mukti Yojana Application Forms

MP Farm Loan Waiver Scheme – Kisan Karz Mafi Yojna

On 17 December 2018, new elected MLA Kamal Nath has taken the oath as 18th Chief Minister of Madhya Pradesh. Just after completing the oath ceremony, the first task performed by MP Chief Minister is that he has signed the much awaited MP Kisan Karz Mafi Yojana file. Now the cabinet committee has approved this Farmers Loan Waiver Scheme on 5 January 2019.

Under this MP Farm Loan Waiver Scheme, the state govt. has waived off all the short term crop loans of farmers upto a maximum limit of Rs. 2 lakh, as on 12 December 2018 (previously 31 March 2018) taken from nationalized and cooperative banks.

This announcement of Kisan Karz Mafi Yojna was included in the Congress Manifesto namely “Vachan Patra”. This Karja Mafi will done only for those farmers who have taken loans from banks after June 2009. MP Farmer Loan Waiver Scheme is going to benefit around 55 lakh farmers in the state. The MP kisan karj mafi scheme guidelines are being framed and the new farm loan waiver scheme would be implemented soon.

MP Farmers Loan Waiver Scheme (Karja Mafi) Implementation

A separate committee will be formed which would decide the eligibility criteria, parameters and the mode of making payment to the farmers. It is expected that the farmers would get this amount directly into their bank accounts and the certificates for Karz Mafi would be distributed later.

The state govt. of Madhya Pradesh has already begun the process for waiving off loans of farmers and for this purpose, the reports are already being asked to be submitted.

MP Farm Loan Waiver Scheme
MP Farm Loan Waiver Scheme

MP Kisan Karj Mafi Yojana – Technicalities

Till date, the farmers in the state has pending loans of more than Rs. 70,000 crore from the Cooperative banks, Nationalized banks and Regional Rural Banks. Out of these total farm loans, around 41 lakh farmers have taken bank loans of around Rs. 56,000 crore. While around Rs. 15,000 crore comes in the category of Non-Performing Assets (NPAs). The state govt. plans to waive off NPAs loans amounting to Rs 15,000 crore along with the Rs. 25,000 encouragement amount for regular loans.
Also ReadChhattisgarh Farm Loan Waiver Scheme Announced in 1st Cabinet Meeting
Also ReadRajasthan Kisan Karz Mafi Yojana Announced

The govt. would waive off loans taken after June 2009 (as per initial draft of Farm Loan Waiver Scheme in MP). So, this Kisan Karja Mafi Scheme will benefit around 55 lakh farmers in the state and the state govt. will have to bear an additional burden of Rs. 20,000 crore. Only those loans which had been taken for farming purposes would be included in this MP Kisan Karz Mafi Yojana. While farmers who had taken loans for purchase of tractors, agricultural machinery or any other farm equipments would not be included in this MP Kisan Karz Mafi Yojna.

Related Content

Leave a Comment