Uttar Pradesh Chief Minister Yogi Adityanath on Tuesday announced loan waiver of up to Rs 1 lakh, which would benefit around 86 lakh farmers in the state.

The decision was taken at the first Cabinet meeting of the newly formed Uttar Pradesh government.

The move will cost around Rs 36,000 crore to the exchequer.

In an unrelated move, the state government decided to impose ban on electronic slaughter houses in the state.

Uttar Pradesh has close to 2.3 crore small and marginal farmers who owe about Rs 62000 crore to banks and cooperatives.