Maharashtra government waives farmer loans of over INR 964 Cr

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In a sigh of relief for the farmers, the Maharashtra government led by Eknath Shinde has decided to waive loans of over INR 964 crore that they have taken from the state Land Development Banks (LDBs).

If reports are to be believed, more than 34,000 farmers had taken out loans from these banks more than two decades ago, mortgaging their land as collateral. As many as 34,788 farmers will benefit from the move and 1,70,502 acres of farmland will be mortgage free.

In addition, the state cabinet also sanctioned payment of additional INR 275.40 crore to LDB employees for Voluntary Retirement Scheme (VRS) and other contributions.

In addition, the 7/12 extract (ownership card) of these lands will be erased. This essentially means that farmers will be able to sell their land or take out new loans against them if necessary.

Moreover, on the same day, the state government transferred INR 2,500 crore to the bank accounts of 6.90 lakh farmers who had regularly repaid their loans. While declaring the loan forgiveness scheme, the state government had declared that it would give an incentive of INR 50,000 per head to all such farmers.

These decisions were made at the state cabinet meeting held on Thursday, October 20.

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