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RBI rejecting the proposal of 7 years of rescheduling Loan waiver for AP

Loan waiver put off again in Andhra -->

The loan waiver scheme in Andhra Pradesh has come back to pavilion with the RBI rejecting the proposal of 7 years of rescheduling sought by the Chandrababu Naidu Government.

The agriculture minister P Pulla Rao said today that in view of the RBI decision the Govt has set up a committee to to raise the Rs.37,000 crore needed for implementing the loan waiver scheme. 'The committee will suggest ways and means to raise the funds needed'.

Pulla Rao said RBI has sent a letter last week has upset all but nobody can raise such huge amounts in a precarious situation like this - bifurcation of state and devoid of resources.

As a stand by and also in view of the present khariff season pressures of the farmers the government has told farmers who ever can afford to pay their arrears to do so. 'The government will repay them at a later date' the minister said.

The AP CM had announced loan waiver last week amidst high voltage publicity that it was the biggest sop given by any state government and unprecedented in annals of any govt. 'UPA waived only Rs.5000 crore for farmers of AP in 2008, while we are waiving Rs.37,000 crore at rate of Rs.1.5 lakhs per family' Naidu had declared.

The TRS govt has agreed for the rescheduling of crop loans for three years and moratorium for one year as suggested by the RBI. But Chandrababu Government had felt that it could convince the RBI and NDA government in view of its political equation and had failed, it is said.

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