Telangana Deputy CM Insists on Exclusive Use of Loan Waiver Funds for Farmers

Telangana Deputy CM Bhatti Vikramarka Mallu has mandated that released funds for loan waivers must solely benefit farmers. Rs 31,000 crore will be allocated by August end, with Rs 6,000 crore released immediately. The initiative, a major banking milestone, mandates no repayment burdens for farmers within the allocated limits.

Telangana Deputy Chief Minister Bhatti Vikramarka Mallu has issued strict instructions that funds allocated for farmers' loan waivers must be used exclusively for that purpose. He emphasized that farmers should not face any inconveniences due to fund allocation mismanagement.

In a recent meeting with bankers, Bhatti announced that Rs 31,000 crore would be disbursed by the end of August for loan waivers. On Thursday at 4 pm, over Rs 6,000 crore will be released under the scheme, benefiting more than 11 lakh farmers. Subsequent installments in July will cover loans up to Rs 1.5 lakh.

Bhatti described the loan waiver as an unprecedented move in Indian history. He noted that no state government has previously waived such a substantial amount. Recalling campaign promises, he affirmed that the government is committed to fulfilling its pledge in full.

The state government plans to inject Rs 31,000 crore into 40 lakh bank accounts as part of the initiative. Bhatti pointed out that this recovery is a historic milestone, even for the corporate banking sector. He highlighted the decision's potential to boost the banking sector and stated that future programs would continue to support agriculture.

Farmers will receive immediate loans for upcoming needs after the waiver's initial disbursement. Bhatti directed bankers to expedite loan sanctioning processes and ensure festive celebrations at bank branches, promoting the successful implementation of the scheme.