AP: Farm loan waiver with 10 per cent interest

Vijayawada: The state government has initiated third phase of loan waiver for farmers. Agriculture Minister Somireddy Chandramohan Reddy said by the end of next month, the third phase loan waiving amount will be deposited into farmers’ accounts. Government will release the third phase amount by adding 10 per cent interest as the government is going to pay the interest amount on behalf of farmers with delayed payments. 

Mr Somireddy, in a press release on Tuesday, mentioned that under first phase of loan waiving for farmers, the government had deposited Rs 7,564.69 crore into 54.98 lakh farmers’ accounts. He said Rs 4,493 crore are deposited into 23.76 lakh accounts of farmers who are eligible for loan waiving under Rs 50,000, while Rs 3071.69 crore are deposited into 31.22 lakhs accounts of farmers who are eligible for loan waiver from Rs 50,000 to Rs 1,50,000. 

“Under the second phase, Rs 3,300 crore is released into 36.39 lakh farmers’ accounts, and on scrutinising the complaints received phase wise, Rs 96.25 crore is deposited into 44,000 farmers’ accounts,” the minister said.

“For the third phase, Rs. 3,600 crore with 10 per cent interest is planned, out of which Rs. 1,000 crore is deposited into PD account of Raithu Sadhikara Samstha,” he said. He even mentioned about releasing Rs. 1,600 crore, which will be deposited into 31.22 lakh farmers’ accounts this month between September 10 and 30.