Telangana to Implement Rs. 1 Lakh Farm Loan Waiver Starting July 18

Telangana Chief Minister Revanth Reddy announced a farm loan waiver of up to Rs. 2 lakh starting July 18, 2024, aimed at relieving financial burdens for eligible farmers.

Telangana Chief Minister Revanth Reddy has made a notable announcement to ease the financial strain on farmers by initiating a farm loan waiver scheme scheduled to begin on July 18. The scheme will start by waiving farm loans up to Rs. 1 lakh, with funds being directly deposited into farmers' loan accounts by the evening of July 18.

The Telangana government issued comprehensive guidelines for waiving crop loans up to Rs. 2 lakh. The government order outlines the eligibility criteria and modalities for implementation. This program applies to loans that are due as of December 9, 2023, and that are granted or renewed on or after December 12, 2018. Each farmer's family is eligible for a waiver covering the outstanding principal and interest up to Rs. 2 lakh as of the cutoff date.

During a meeting in Hyderabad with District Collectors and Superintendents of Police, Chief Minister Reddy highlighted the immediate implementation of the loan waiver program, which will begin with waiving loans up to Rs. 1 lakh. The state government will ensure that the funds are directly transferred to the farmers' loan accounts by July 18. An official release underscored strict instructions to bankers to prevent the diversion of the funds, warning of stringent actions against violations.