Big Relief to Farmers! Government Waived Interest of Rs 61.49 Crore Benefitting 69000 Farmers

We have some good news for Punjab Farmers. The Punjab government has taken a big decision regarding debt waiver of farmers. The punitive interest of 69000 farmers (Punjab State Cooperative Agricultural Development Bank) of Rs 61.49 crore has been waived by the Punjab State Cooperative Agricultural Development Bank.

It is to be noted that this amount of interest was to be recovered from the indebted farmers during the Kharif Season 2020 campaign by the Punjab State Cooperative Agricultural Development Bank (PADB).

Now the indebted farmers of PADB will have to deposit their entire loan amount or close the accounts by 31 December. There are about 69000 defaulting borrowers of total 89 PADBs in the state, on which the bank owes a defaulter amount of about Rs 1950 crores. Apart from this there is an additional amount of penal interest of Rs 61.49 crore.

Relief to small & marginal farmers:

Around 70% of these are small and marginal farmers, who have 5 acres or less than 5 acres of land. The decision taken by the Punjab government will give them a lot of relief in filling the arrears. It has been approved by the Registrar Co-operative Assemblies, Punjab after being recommended by the Board of Directors of the bank.

Debt waiver scheme:

Sukhjinder Singh Randhawa, Cooperative Minister, Punjab said, Government is always standing with the farmers of Punjab and will stand still. Under the debt waiver scheme, so far, loans worth more than Rs 4500 crore have been waived of more than 5 and a half lakh farmers.