Maharashtra Chief Minister Devendra Fadnavis has announced a clear timeline for the state government’s farm loan waiver scheme. He stated that all eligible farmers will receive their loan waivers before June 30, ensuring they can access fresh credit for the upcoming agricultural season. Fadnavis directed nationalized banks to meet at least 80% of their agricultural loan distribution targets.
This announcement comes after confusion caused by the lack of a specific execution date for the loan waiver scheme. The Chief Minister’s directive aims to address delays that had led to criticism from the Opposition and uncertainty among farmers and banking institutions. Fadnavis emphasized the importance of timely execution well before the crucial June 30 deadline.
District Cooperative Banks and Rural banks currently handle 67% of agricultural loans, while nationalized banks manage 26%. Fadnavis highlighted the need for nationalized banks to meet their distribution targets, stressing that they should not request CIBIL scores from farmers applying for crop loans. The state government has issued strict directives to ensure farmers are not inconvenienced by such requirements.
Officials from the Reserve Bank of India (RBI) confirmed the regulatory stance against demanding CIBIL scores for crop loans. Fadnavis also addressed climate risks, noting lower rainfall forecasts and the potential impact on crop moisture stress. The state has prepared contingency plans, including accelerating water conservation initiatives and launching the ‘Mahavistar’ mobile app to provide AI-driven insights for farmers.
