UP announces Rs 1,650 crore loan waiver to farmers

The Uttar Pradesh Chief Minister Akhilesh Yadav announced an agricultural loan waiver worth Rs 1,650 crore.

  • Likely to benefit about 7.2 lakh small and marginal farmers.
  • Would apply to farmers who had taken up to Rs 50,000 of loan from the UP Sahkari Gram Vikas Bank (UPSGVB) against farm land as collateral.
  • The rider is that the borrower should have repaid at least a tenth of the principal amount by March 31, to be eligible.
  • The waiver will include both the unpaid principal and interest.

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Categories: Banking Current Affairs 2018

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