Srinagar, Jun 1 (UNI) To improve the economy of small, marginal and other farmers in Jammu and Kashmir, loan of 1.60 lakh farmers under Agriculture Debt Waiver And Debt Relief Scheme 2008 (ADWADRS) would be waived off.
A total of Rs 140 crore would be waived off under the scheme to improve the economy of farmers being considered the backbone of the economy, an official spokesperson said today.
He said this was the second successful move after signing and implementing Vaidynathan Committee Report in the state and hoped for positive results.
This, he said , would not only improve the financial strength of the cooperative institutions, but also the farmer's economic condition in the state.
Meanwhile, registrar Cooperatives, Dr G N Qasba said adwadrs will definitely change the socio economy of the farmers.
He asked banks' managers to adhere the rules and guidelines of the scheme strictly in order to derive better results.
The landholding criteria under the scheme would be based on the total extent of land owned by the farmers either singly or as joint holder or the total extent of land cultivated by the farmer at the time of the loan's sanction irrespective of any subsequent changes in ownership or possession.
He said direct agricultural loan taken under Kisan Credit Card scheme would also be covered under adwars subject to certain conditions, the scheme explains.
There would be one time settlement option in the scheme under which the farmer will get rebate of 25 per cent of the eligible amount, he informed.
Dr Kasba said the Reserve Bank of India (RBI) would be the nodal agency for the scheme's implementation in respect of scheduled commercial banks, urban cooperative banks and local area banks, while NABARD in respect of regional rural banks and cooperative credit institutions.
UNI BAS ATI HT1145