India, June 2 -- The Maharashtra cabinet on Tuesday approved a farm loan waiver scheme across the state, people aware of the developments said. The scheme will cover agricultural loans of up to Rs.2 lakh, a decision expected to benefit around 5.6 million farmers.

The scheme will cover more than 6.5 million accounts and is expected to cost Rs.36,585 crore to the state exchequer.

Chief minister Devendra Fadnavis has ordered the administration to credit the loan waiver amount by June 20.

While presenting the state budget, CM, who also holds the finance portfolio, Fadnavis announced the farm loan waiver. The state cabinet also decided to give Rs.50,000 to the farmers who paid their loan regularly.

Published by HT Digital Content Services ...