Just two days after the budget of Rs 36,000 crore was allocated to the state, Deputy chief minister Dinesh Sharma on Thursday announced that the Uttar Pradesh government will waive off all loans of up to Rs 1 lakh taken by small and marginal farmers by 15 August. Yogi Adityanath led government was among the first ones to announce a loan waiver for the farmers.
Sharma also confirmed that the process has already begun. The bank accounts of the farmers are being verified, those accounts which are linked to the Aadhaar Card will be given priority in the first two phases of the process, rest accounts will be seen later. The process of verification is likely to be completed by 22 July. After the verification is completed money will be transferred to the accounts of the farmers. The government has also asked the banks not to issue any notices to the defaulting farmers.
Around 86 lakh farmers will benefit from this loan waiver. Early in the year, during the election campaign farmers loan waiver was one of the major promises made by the party, which it seems to be completing after coming to power.
Though the budget sanctioned for loan waiver is far less than needed. Currently has been allocated for the loan waiver, whereas the required amount is Rs 93,000 crore.