UP cabinet waives farm loans of Rs 36,359 cr

Delivering on BJP’s poll promise to small and marginal farmers, the Yogi Adityanath cabinet on Tuesday decided to waive their crop loans up to Rs 1 lakh, totalling a staggering Rs 36,359 crore, at its very first meeting.

The move will benefit over 2.15 crore farmers, besides 7 lakh others who had secured loans which turned into non- performing assets (NPAs).

The Yogi Adityanath cabinet decided to float ‘Kisan Rahat Bonds’ for raising Rs 36,359 crore required for waiving loans of small and marginal farmers who form 92.5 per cent of the total 2.30 lakh farmers in the state.

The decision comes a fortnight after Adityanath took over the reins of the state on March 19 after BJP and its allies stormed to power in the 403-member Assembly capturing 325 seats, an over three-fourth majority.