Yogi govt. is going to launch UP Interest Waiver Scheme for farmers. Under this scheme, govt. will waive off interests on loans taken up to 31 March 2017 from Uttar Pradesh Co-operative Rural Development Bank. This is the next step after UP Farm Loan Waiver Scheme 2017 / Kisan Karz Mafi Yojana. Govt. will launch this One Time Settlement Scheme 2018 in phased manner. This OTS Scheme will benefit 2,63,510 farmers having loan of Rs. 2542.43 crore.
All the farmers who were unable to repay their loans in time and now interest is non affordable can apply for this interest waiver scheme. Previously, Kisan Karj Mafi Yojana has helped around 86 lakh small and marginal farmers.
Yogi govt. is a pro-farmer govt. and is committed towards welfare of farmers. These 2 schemes – Fasal Rin Mochan Yojana 2017 and now Kisan Karz Rahat Yojana 2018 will result in the betterment of lives of farmers.
UP Interest Waiver Scheme 2018 / Kisan Karz Rahat (OTS)
Till date, the pending loan amount is Rs. 2542.43 crore out of which principal loan amount is Rs. 1028.52 crore while interest is Rs. 1503.91 crore. UP Interest Waiver Scheme 2018 / Karj Rahat Yojana 2018 will waive off the interest on loans to benefit 2.63 lakh small and marginal farmers. The important features and highlights of One Time Settlement Scheme (OTS) are as follows:-
- Loans Taken before 31 March 1997 – Govt. will waive off the complete interest (byaj) on loans.
- Loans Taken between 1 April 1997 & 31 March 2007 – All the amount of interest which is more than the principal amount of loan will get waived off.
- Between 1 April 2007 & 31 March 2012 – Govt. will waive off 50% interest on pending loans.
Govt. will launch Kisan Karz Rahat Yojana 2018 scheme to prevent farmers from falling into a debt trap of local moneylenders and to promote growth in agriculture.
UP Kisan Karz Mafi Yojana / Loan Waiver Scheme
In the previous FY, Yogi govt. has launched Fasal Rin Mochan Yojana / UP Loan Waiver Scheme for karj maafi of farmers. This scheme has benefited around 86 lakh farmers with a total outlay of 36,359 crore. UP govt. has waived off all the outstanding crop loan as on 31 March 2017 taken on or before 31 March 2016 with maximum limit of Rs. 1 lakh per farmer.
UP govt. has settled dues of all accounts which were declared as Non Performing Assets (NPA) by banks under One Time Settlement Scheme. Out of the total allotted amount, Rs. 5630 crore was for one time settlement to benefit 7 lakh farmers.