Loan Waiver Camp for Farmers Starts in Banswara, several benefits announced by Rajasthan CM Vasundhara Raje

Rajasthan Chief Minister Vasundhara Raje, who is currently in Banswara, has inaugurated the loan waiver camp for farmers. It’s touted as the biggest sop of the election year, whereby loan waiver certificates amounting to INR 250 Crores are being given away to 33,000 farmers in Banswara.

Ahead of the inauguration, CM Raje tweeted this about the loan waiver scheme:

Reportedly, for this loan waiver scheme, Rajasthan government has taken a loan of INR 5,000 Crores from Apex Bank for which a written guarantee has also been submitted. The government will have to repay this amount in two installments within 270-days time limit which is further extendable by 90 days.

Here are the key details regarding the benefits that farmers can avail in the state:

• In case of outstanding debt, all interest and penalties imposed on small and marginal farmers affiliated with co-operative banks dated September 30, 2017, is waived.

• For the small and marginal farmers with outstanding short-term co-operative loans dated September 30, 2017, the maximum amount of loan up to INR 50,000 is waived.

• For Outstanding/non-outstanding debt dated September 30, 2017, maximum loan of INR 50,000 out of the total amount in the ratio of plough limit of small farmers is waived.

• Fresh loan distribution to tenant farmers on the basis of their entitlement and the cash available with the banks.

• This loan waive scheme introduced in 2018 is a historic effort made by the state government. Back in 2008, the center had announced to waive loans amounting to INR 1346 for 8.29 Lakh farmers while in this scheme, loans amounting to INR 8400 Crores for 29.30 Lakh farmers are expected to be waived.

• Under the State Co-operative Personal Accident Policy, the beneficiary can claim insurance cover amounting to INR 10 Lakhs in case of death or complete disability and cover amounting to INR 5 Lakhs can be availed in case of permanent disability of one body part.

• Under the Co-operative Life Insurance Policy, the beneficiary can claim insurance in case of the death, equivalent to INR 10 Lakhs or the loan amount, whichever is less.