Punjab government announces the release of funds for the Punjab Farm Loan Waiver Scheme. Subsequently, state govt. will disburse the funds on 7 January 2018 at Mansa. Accordingly, the state govt. will provide a total sum of Rs. 2700 crore under Punjab Crop Loan Waiver Scheme for the farmers who took loans from the co-operative banks. This scheme will benefit about 5.63 lakh farmers in the first phase.
This is the first installment under Punjab Crop loan Waiver Scheme. Under this crop loan waiver scheme, state govt. has to distribute Rs 9,500 crore to benefit around 10.25 small and marginal farmers.
Latest Update – Punjab govt. has officially launched the 1st Phase of Punjab Debt Waiver Scheme on 7th January 2018 at Mansa district in Punjab. This scheme will cover 5.63 lakh farmers in its initial phase.
In this first installment, loan taken from the nationalized banks are not covered. Punjab govt. makes plan to start disbursing the loan amount to the needy farmers in the state. Furthermore, the first phase (out of total 4 phases) will launch on 7 January 2018.
Punjab Farm Loan Waiver Scheme Funds Release Mechanism
The state govt. starts Punjab Farm Loan Waiver Scheme to provide debt relief of Rs 2 lakh per farmer. In this scheme, all the marginal farmers having less than 2.5 acres of land will get a debt relief of Rs 2 lakh. Moreover, the small farmers having land holding between 2.5 – 5 acres will also get covered and will receive debt relief of up to Rs 2 lakhs. Below are the complete details on the fund release mechanism:-
- Punjab Crop Loan waiver amount will get released in 4 phases.
- The first installment of Rs. 2700 crore (out of Rs. 9500) is to be given to the farmers on 7 January 2018.
- Accordingly, the first installment is only for the farmers availing loans from the co-operative banks.
- Henceforth, the farmers having debt in the nationalized banks still have to wait and will get covered in the next installment.
Punjab state govt. is going to complete its pre-election promise of waiving off loans of the farmers soon. However, the Punjab farmers wants that their entire loan of approximately around Rs 59,621 crore should be waived off.