Route clear for Crop Loans in Telangana State. After much deliberation finally Reserve Bank of India had agreed for Loan Rescheduling in Telangana states. Nevertheless, while the state have asked for 7 years of reschedule, the climax bank had agreed only for 3 years.
This is not the only disenchantment in RBI’s offer. There are several other things which will not make the government or people as much as happy as they would like.
1. The loan rescheduling will be applicable only for the loans taken between April 1, 2013 and October 27, 2013.
2. This will not be applicable to the gold loans taken by the farmers.
3. This rescheduling will be applicable only those mandals or districts prone to natural disasters and drought. These were already announced by the government.
4. At the time of rescheduling, the farmers should have paid remaining loans in time.
5. Till the loans are repaid by the government, the loans will be still in Farmer’s name.
Given the above rules, the beneficiaries will be very less and the amount will be less than Rs 10000 Cr.
It is learnt that Andhra Pradesh government is planning to write a letter to RBI to unwind some of the rules so as to profit more number of people. Telangana government is yet to decide its future course of action, as of now!!