Jharkhand Government Prepares Loan Waiver for Farmers and Kisan Credit Card Issuance

After assuming office for the third consecutive term, Prime Minister Narendra Modi has begun his new tenure with a focus on farmers' welfare. Due to the Lok Sabha elections and the ensuing code of conduct, agricultural loans in several states were put on hold. However, the Jharkhand government has now announced an agricultural loan waiver for farmers. This initiative will soon be implemented in many states, prioritizing loan waivers of up to ₹2 lakh.

Nationwide Agricultural Loan Waiver Scheme:

Farmers have benefited from nationwide loan waiver schemes only twice, while state governments have provided loan waivers on multiple occasions. The first nationwide agricultural loan waiver was introduced in 1990 by the VP Singh government. Later, the UPA government implemented the Agricultural Debt Waiver and Debt Relief Scheme, spending ₹71,680 crore. Currently, 10 states in India have taken significant steps towards waiving farmers' loans.

Farmers Eligible for Loan Waiver:

Jharkhand, farmers who have taken crop loans from commercial banks, rural banks, or scheduled cooperative banks and have been unable to repay them will receive relief. The Jharkhand government has decided to waive loans ranging from ₹50,000 to ₹2 lakh. Even farmers with NPA (Non-Performing Asset) accounts can benefit from this scheme.

Distribution of Kisan Credit Cards: The Jharkhand government will provide interest-free agricultural loans to farmers who repay their loans on time. The Chief Minister of Jharkhand has announced that farmers who have timely repaid their loans will also receive Kisan Credit Cards. So far, about 473,000 farmers have benefited from the loan waiver scheme.

Eligibility for the 2024 Agricultural Loan Waiver Scheme: Farmers who cultivate on their own land or leased land in Jharkhand are eligible for the loan waiver scheme. To qualify, farmers must be residents of Jharkhand, over 18 years of age, possess a valid Aadhaar number, and have only one family member benefit from the crop loan waiver scheme. Additionally, farmers must have a Kisan Credit Card and a ration card. Applicants should have taken short-term crop loans and have a standard crop loan account.

How to Apply for the Loan Waiver Scheme Online: Farmers can apply online for the Jharkhand Agricultural Loan Waiver Scheme by visiting (https://jkrmy.jharkhand.gov.in/).