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Karnataka waives crop loans of farmers from cooperatives
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SME Times News Bureau | 22 Jun, 2017
The Karnataka government on Wednesday decided to waive crop loans of up
to Rs 50,000 availed by over 22 lakh farmers from cooperatives in the
state.
"Crop loans up to Rs 50,000 borrowed by 22,27,500 farmers
from cooperative banks in the state would be waived off," Chief Minister
Siddaramaiah told the assembly.
The decision followed the demand
of the opposition to mitigate farmers' hardship and in order to give
them relief from the severe drought of 2016.
The waiver would cost the exchequer Rs 8,165 crore.
"Crop
loans outstanding up to June 20 will also be waived though farmers
borrowed a total of Rs 10,736 crore from cooperative banks so far," the
Chief minister said.
Siddaramaiah also urged the Centre to waive crop loans that farmers borrowed from state-run and regional rural banks.
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