60-day interest waiver on farm loans from co-op banks: Modi

"The cost of 60-day interest waiver will be directly transferred to the farmers account,' Modi said

Prime Minister Narendra Modi on Saturday announced a 60-day interest waiver for farmers who have taken loans from district co-operative banks and primary societies.

"The government has decided to waive 60-day interest for loans taken by farmers who have taken loans from district co-operative banks and co-operative socities for the Rabi sowing season," the Prime Minister said in his address to the nation.

"The cost of the 60-day interest waiver will be directly transferred to the farmers account."

Prime Minister Modi addressed the nation a day after the nearly two-month long demonetisation exercise came to end.