RBI June 30 deadline for banks to implement farmers debt waiver scheme
The Reserve Bank of India on 23 may advised scheduled commercial banks (including Local Area Banks) to take necessary action towards implementation of the Agricultural Debt Waiver and Debt Relief Scheme for farmers at the earliest. It has been further advised that implementation of the Scheme should be completed by June 30, 2008.
The RBI is implementing the India’s biggest populist gimmick called Agricultural Debt Waiver and Debt Relief Scheme for farmers.
The Congress (I) led UPA government is in the process of blowing up approximately Rs 71,680 crore of tax payers money in the year leading to General elections.
Accordingly, the Government of India has released the detailed scheme along with necessary explanations. The Scheme would cover direct agricultural loans extended to ‘marginal and small farmers’ and ‘other farmers’ by Scheduled Commercial Banks, Regional Rural Banks, Cooperative Credit Institutions (including Urban Cooperative Banks) and Local Area Banks.
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