J&K launches debt waiver scheme for farmers

31 May, 2008 04:50:00

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Srinagar May 30:The Jammu and Kashmir government on Friday launched an agriculture debt waiver and debt relief scheme, which would benefit about 1.60 lakh farmers in the state. Under the scheme, farm loans worth Rs 140 crore would be waived off, Agriculture and Cooperatives Minister Abdul Aziz Zargar said. Highlighting the advantages and purposes of the scheme, he said that introduction of the scheme was need of the hour to improve the economy of small, marginal and other farmers of the state. The landholding criteria under the scheme would be based on the total extent of land owned by the farmers either singly or as joint holder or the total extent of land cultivated by the farmer at the time of the sanction of the loan. Direct agricultural loan taken under Kisan Credit Card scheme would also be covered under the scheme subject to certain conditions, Registrar, Cooperatives, G N Qasba said. He said there would be one time settlement option in the scheme under which the farmer will get rebate of 25 per cent of the eligible amount. Reserve Bank of India would be the nodal agency for the implementation of the scheme in respect of scheduled commercial banks, urban cooperative banks and local area banks, while as NABARD in respect of regional rural banks and cooperative credit institutions, he said. Zargar said both the opportunities would not only improve the financial strength of the cooperative institutions, but also economic condition of the farmers of the state.