In a move to fulfil its pre-election promise, the Congress government is preparing to take over existing crop loans amounting to Rs 32,000 crore from approximately 30 lakh farmers. The plan is to waive off crop loans of up to Rs 2 lakh per farmer. A special corporation will be established for this purpose. The finance department has already initiated discussions with bankers. The bankers have agreed to transfer the Rs 32,000 crore crop loan dues to the crop loan waiver corporation, on the condition that the corporation has a viable income and repayment capacity. The Revanth Reddy led state government has proposed a plan to divert a portion of the revenue from stamps and registrations, excise, and commercial tax departments to the corporation. This revenue will be used to repay the loans to banks through monthly EMIs of Rs 500 crore to Rs 600 crore over the next five years. Telangana Govt Announces Rs 1 Lakh Financial Assistance Scheme for Minorities (Watch Video).

Telangana Government to Take Over Existing Crop Loans

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