New Delhi: Karnataka CM Siddaramaiah announces farm loan waiver for short term loans upto Rs. 50000, applicable only to cooperative banks loans.He was under pressure to waive farm loans of about Rs 50,000 crore ever since the Chief Minister of Uttar Pradesh Yogi Adityanath, Punjab chief minister Amarinder Singh and others announced farm loan waiver.
Farm loan waiver would be applicable only to cooperative banks loans, Siddaramaiah said while speaking to news agency ANI. The reports have it that Siddaramaiah would waive off loans of Rs 8167 crore of 22,000 farmers in Karnataka.
The Karnataka chief minister was reluctant in waiving off the loan as it only encourages the defaulters.