BoM begins implementation of debt-waiver scheme

The bank has asked its branches to identify the borrowers for waiver or debt relief and make them eligible for fresh finance, a release issued here stated.     

In order to ensure the successful implementation of the scheme, senior executives of the bank have started visiting branches in districts across the country.     

"As a part of the programme, the bank's Executive Director Rajiv Madhok, visited three branches in Induri, Talegaon Dabhade and Vadgaon Maval in Pune," the bank said in the release.     

 

The bank would display a list of all eligible accounts at the branches by June 30 and fresh financing would be made available for all eligible farmers under the scheme, it said. The scheme would benefit the small and marginal farmers by way of waiver of short-term production loans and overdue installments for the term loans availed by them, BoM said.      

A scheme to waive off and settle farm debts of over Rs 71,000 crore was announced by Finance Minister P Chidambaram in this fiscal's Budget. The scheme was later enlarged to Rs 71,680 crore of total debts.