Revanth Reddy launches second phase of crop loan waiver scheme in Assembly

Chief Minister Revanth Reddy said six lakh farmers would benefit from the second phase of the farm loan waiver scheme, for which Rs.6,198 crore was mobilized

Hyderabad: The second phase of the crop loan waiver was launched by Chief Minister A Revanth Reddy from the Assembly here on Tuesday, by transferring the waived amounts into bank accounts of farmers.

Alleging that the previous BRS government waived farm loans barely to the tune of Rs.25,000 crore, Revanth Reddy said six lakh farmers would benefit from the second phase of the farm loan waiver scheme, for which Rs.6,198 crore was mobilized. Farm loans up to Rs 1.5 lakh were waived within a month while those up to Rs 2 lakh would be waived by August, he said.

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Claiming that no State in the country had so far waived farmers’ loans on such a large scale, that too within one month, he said Finance Minister Mallu Bhatti Vikramarka had paid Rs 43,000 crore as interest on debts incurred by the previous government in six months and still managed to mobilize Rs.12,000 crores for the loan waiver within 12 days, he said.