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Jharkhand's Agricultural Loan Waiver Scheme reduces farmer debt, benefiting over 4.50 lakh individuals, and promoting agricultural sustainability.
In a bid to reduce the financial burdens faced by farmers due to crop losses and loan defaults, the state government has extended its Agricultural Loan Waiver Scheme. Under this initiative, the government is now waiving off loans up to Rs 2 lakh for farmers in the state. This extension marks a significant increase from the previous limit of Rs 50,000. As of now, loans of more than 4.50 lakh farmers have been waived off, with the process ongoing for the remaining beneficiaries.
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Farmers who have taken crop loans up to the year 2020 or before are eligible for the scheme. This includes standard crop borrowers until March 31, 2020. Loans ranging from Rs 50,000 to Rs 2 lakh will be waived off under this scheme. Eligible farmers can register and apply for the scheme through the designated web portal.
Farmers seeking loan waivers can obtain and submit applications through the Farmers Common Service Center and banks. However, any outstanding loan amounts exceeding the prescribed limit must be repaid through Direct Benefit Transfer (DBT). Furthermore, the scheme ensures that applicant’s grievances are addressed promptly through online mediums.
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To avail of the loan waiver scheme, farmers must meet certain eligibility criteria set forth by the state government:
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Certain categories of individuals are excluded from the loan waiver scheme. This includes former and present members of legislative bodies, government officials, pensioners with monthly pensions exceeding Rs 10,000, income taxpayers, and professionals such as doctors, engineers, lawyers, chartered accountants, and architects.
The Agricultural Loan Waiver Scheme aims to provide much-needed relief to farmers burdened by debt, ensuring their financial stability and promoting agricultural sustainability in the state.
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The Agricultural Loan Waiver Scheme in Jharkhand aims to reduce the financial burdens on farmers by waiving off loans up to Rs 2 lakh. Despite exclusions, the scheme has already benefited over 4.50 lakh farmers. With a focus on financial inclusivity and prompt resolution of grievances, it strives to foster agricultural sustainability.