Karnataka announces farm loan waivers, but Rs 50,000 only

June 21, 2017 14:35

Karnataka becomes the fourth Indian state to offer farm loan waivers. Chief Minister Siddaramaiah announces a farm loan waiver for short term loans up to Rs 50,000, applicable only to cooperative bank loans.

On Monday, Punjab announced farm loan waivers of all crop loans up to Rs 2 lakh for small and marginal farmers (up to 5 acres) and a flat Rs 2 lakh relief for all other marginal farmers, irrespective of their loan amount.

Earlier, UP and Maharashtra announced loan waivers as well.

The Reserve Bank of India has cautioned Karnataka and other states against jumping onto the farm-loan waiver bandwagon, by observing that loan waivers impact credit discipline and vitiates credit culture.

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