Bengaluru: The state government released the first installment under the farm loan waiver scheme to the nationalised, commercial and cooperative banks.
This scheme was announced by the Chief Minister HD Kumaraswamy in his budget speech in July 2018.
According to the sources, in the first installment Rs.1,440 crores has been released to the 2.9 lakh loan accounts.
“Among these loan accounts, 1.4 lakh accounts are in the cooperative banks while over 1.50 lakh accounts are in the commercial and nationalised banks,” said an official privy to the developments.
“The amount will be credited to the loan accounts. The beneficiary farmers will get a certificate in this regard,” he stated.
The state government is expecting around Rs.40,000 crores under the farm loan waiver.
