Finance Minister P Chidambaram today announced waiver of Rs 50,000 crore agricultural loans outstanding against nearly four crore farmers across the country.
The beneficiaries would include about three crore small and magrinal farmers - owining two hectare or less land - and about one crore others.
While small and marginal farmers would get a total waiver, others would be entitled to 25% rebate and one-time settlement (with an estimated Rs 10,000 crore) with credit insitutions including scheduled banks and cooperative banks.
Presenting the scheme during the presentation of the budget in the Lok Sabha, Chidambaram said the scheme would be applicable to loans taken up to December 31, 2007. The process of waiving off of the loans would be completed by June 30, he said.
Farmers availing the scheme would be entitled to fresh loans from credit institutions in the normal way, he added.
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