economy Articles

List of farmers on debt waiver scheme to be submitted by Jun

It is evident from the latest address of the Finance Minister P Chidambaram that the Union Government is steadfast to receive the complete list of farmers in relation with the debt waiver scheme from the PSUs (Public Sector Banks) by the ensuing June 25. According to the concept of the Minister this is necessary to waive off the substantial loans by the end of this month, as defined in the budget.

He has also made an ardent request to the concerned PSUs to prepare the very list along with methodical inspection and repeated checkings by June 23, so that nothing is left out from the prepared list. This must be done with the greatest care since on June 24 Arun Ramanathan, the Secretary of Financial Services will communicate in person with the Chairmen of the concerned PSUs and will have the confirmation of the prepared lists. What is more the interest not serviced as on December 31, 2007 will also be included for the purpose of debt waiver in the case of investment loans.

In conjunction with this, especially in case of loans to farmers through self-help groups, it would be better to compile the disaggregated data, which could be kept in an apposite state in the books of these very groups. Nevertheless, before everything the relevant banks should be satisfactory with these data.

The present size of the loan waiver scheme was settled by the governmental agencies keeping the current and ongoing economic situation of the country, especially the rural sector in concern. The government is confident that this drastic measure will benefit the gross economy and will develop it to a considerable level.

Source: http://timesofindia.indiatimes.com/Govt_to_rollout_farm_loan_waiver_by_June-end/articleshow/3144635.cms

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