Empowerment body for farmers on October 22

Vijayawada: Chief Minister N. Naidu said here on Thursday that the government would launch the Farmers Empowerment Corporation on October  22 and deposit the first instalment of the agricultural loans waiver amount in banks as a Diwali gift. He added that even the RBI had not supported the agriculture loans waiver scheme but the government is firm on implementing it.

Addressing the gathering at the MB stadium after launching the Janmabhoomi-Maavuru scheme Mr Naidu said that 20 per cent of the loan amount would be deposited in banks in the first phase and the remaining amount will be paid in the next four years. Twenty per cent  of the amount will be paid every year.

He said that bankers would reschedule the loans and new loans also would be provided under the government’s proposal which was submitted  to the bankers after revamping the three-member committee of the government.

He assured farmers that banks would not exert force for repayment of the loans. However, Mr Naidu also said that the government would deposit Rs 7,600  crore for 76 lakhs DWACRA women and each DWACRA woman would be given  Rs 10,000. He said that the waiver of loans for DWACRA would be completed in the next five years.

He said the government was facing a financial crisis and that the RBI had not accepted the loan waiver scheme but promises are being implemented to help the poor.

Mr Naidu also said the government would not provide pensions to the ineligible. He said the names of those who are eligible would be displayed online.