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.

Month: Current Affairs - November, 2012