India, June 3 -- The Maharashtra government on Tuesday approved a scheme to provide farm loan waivers of up to Rs.2 lakh, in a move that is expected to benefit around 5.57 million farmers, and also introduced an incentive for those farmers who have repaid their loans on time.

"Farmers with farm loans would get a waiver of up to Rs.2 lakh, regardless of their land holding. Those who regularly repay their loans would receive Rs.50,000 as an incentive," said a release issued by chief minister Devendra Fadnavis's office. "Farmers who have taken loans from nationalised banks, rural banks, private banks as well as cooperative banks and cooperative credit societies will be eligible for the loan waiver."

While presenting state's budget for FY27...