Punjab govt. is all set to launch Crop Loan Waiver Scheme 2017 for small and marginal farmers across the state. In June, government has made an announcement that small and marginals farmers will get farm loan exemption up to Rs 2 lakh. Now the state govt. has officially launched 1st phase of Punjab Debt Waiver Scheme at Mansa, Punjab.
The loan amount comprising of principle and interest as on 31st March 2017 would be eligible to get the waiver under the scheme. The decision of taking over the outstanding interest of farmers from 1st April, 2017 till the date of notification will lead to an additional benefit of Rs. 400 crore to the farmers. This scheme will also provide direct benefit to around 10.25 lakh farmers across the state.
Latest Update : Punjab Farm Loan Waiver Scheme – To see the current status of Release of Funds to Settle Loans of Farmers – Click Here
A crop loan of Rs. 59,621 crore is outstanding in about 20.22 lakh bank accounts as on March 31, 2017 as per data collected from State Level Bankers Committee.
Punjab Farm Loan Waiver Scheme 2017
The main objective of Punjab farm loan waiver scheme 2017 is to lessen the burden of loan on the head of small and marginals farmers. Therefore, the government has made a provision in the scheme that all the marginal farmers who have less than 2.5 acres of agriculture land, their entire eligible amount will be covered under the crop loan scheme for up to Rs. 2 lakh debt relief.
In case the eligible marginal farmer has debt amount above Rs. 2 lakh, government shall be liable to pay only Rs. 2 lakh as debt relief. Moreover, small farmers who have agriculture land from 2.5 acres to less than 5 acres also have been covered under the scheme, their entire eligible amount with total outstanding crop loan liability upto Rs. 2 lakh, shall be provided as debt relief.
The state government is also considering to consult with respective banks to provide one-time settlement regarding crop loan waiver scheme 2017. In addition, The entire amount of crop loan will be defrayed to banks in a phased manner except for the cooperative credit institutions.
The banks will prepare the list of eligible small and marginal farmers under the supervision of the Deputy Commissioner of the concerned district. The funds will be provided to the DC’s from state government. The farmers will get dept relief certificate by the bank after the amount is credited in their bank accounts.
Punjab Farm Loan Waiver Scheme 2017 Application Forms
Similar to Maharashtra and Uttar Pradesh farm loan waiver schemes, the state government of Punjab may also invite online applications from the eligible farmers under the scheme. The online applications for the scheme might be invited through the official website of Punjab govt or a new dedicated portal. If the applications are rolled out, the eligible farmers would be able to register themselves and apply online for the Punjab farm loan waiver scheme 2017.
Since the scheme is not launched yet, more information about the scheme application forms and online procedure would be available only after its official launch which may happen anytime soon.
Punjab Farm Loan Waiver Scheme – Quick Facts
|Name of the Scheme||Punjab Farm Loan Waiver Scheme 2017|
|Announce Date||June 2017 by Captain Amarinder Singh|
|Launch Date||7 January 2018 at Mansa|
|Beneficiaries||Small (2.5 Acre to 5 Acre) and Marginal Farmers (Less than 2.5 Acre)|
|No. of Beneficiaries||About 10.25 Lakh|
|Amount to be Waived Off||Up to Rs. 2 Lakh|
|Total Outstanding Crop Loan||Rs. 59,621 Crore|
|Application Mode||Might be Online (No Information Yet)|
|Banks Covered||Urban cooperative banks, regional rural banks, public and private sector banks|
Coverage of Punjab Farm Loan Waiver Scheme 2017
The debt waiver scheme would cover crop loan disbursed to farmers in the state by the following lending institutions
1. Scheduled Commercial Banks
2. Cooperative credit institutions (including urban cooperative banks and regional rural banks)
3. Public Sector Banks and Private Banks
If the farmer has taken a crop loan from more than one financial institution or the bank, first priority would be given to cooperative institutions, second to the Public Sector Banks and third to the Commercial Banks.