Uttar Pradesh Government is all set to launch its much awaited Farm Loan Waiver scheme on 17th August. The state government would launch the farm loan waiver scheme for small and marginal farmers to provide them loan waiver. The scheme would be launched in Lucknow where about 9500 farmers would receive certificates of loan waiver from the chief minister Yogi Aadityanath.
An event for launching the loan waiver scheme and distributing the waiver certificates to farmers would be held at the Smriti Upvan in Lucknow. After the launch of the scheme, the MP’s and ministers in charge of their respective districts would hold the events of loan waiver certificate distribution to farmers.
Farm Loan Waiver Scheme Uttar Pradesh
The farm loan waiver scheme in Uttar Pradesh would be launched in three phases to benefit different set of farmers in each phase as following:
First Phase: Under the first phase of the loan waiver scheme, only the farmers who have Aadhar and have linked it to their bank account would be given the scheme benefits.
Second Phase: Farmers who have no Aadhar but there is no dispute in their land would be provided loan waiver
Third Phase: In the third phase, the farmers who have disputes on their land would be provided loan waiver.
The loan waiver amount would directly be transferred into the loan account of the beneficiary to bring in transparency and efficiency to the whole process. Aadhar number of the beneficiaries would be verified before providing the loan waiver.
There are about 86 Lakh farmers in the state whose loans of up to Rs. 1 Lakh would be waived off under the scheme. The state government has already made an allotment of Rs. 34000 crore for the scheme in its FY 2017-18 budget. All the farmers who have taken loan from any bank, including the cooperative banks, are covered under the loan waiver scheme.
However, farm loan taken only for farm loans taken for paddy, wheat, fertilizers and insecticides would be eligible for scheme benefits. The farmers who took the farm loan before 31st March 2017 are eligible for the loan waiver scheme.