Bengaluru: Yielding to pressure from farmer groups, opposition parties and farm loan waiver decisions in other states, Karnataka chief minister Siddaramaiah on Wednesday announced waiver off Rs8,165 crore worth of crop loans borrowed by farmers from cooperative banks. “This will benefit 22,27,506 farmers in the state,” Siddaramaiah announced to thumping applause in the legislative assembly on Wednesday. “I order the centre to waive off farmer loans taken from nationalised and commercial banks,” Siddaramaiah said, shifting the focus on the Union government to do its part for farmers. The total farm loans in Karnataka stands at over Rs1.16 trillion. Crop loans taken from state cooperative societies account for Rs10,736 crore (20-22% farmers), while loans taken from nationalised and commercial banks account for over Rs42,000 crore (around 80% of farmers), Siddaramaiah said.

Source: Mint June 21, 2017 10:36 UTC