Maharashtra govt offers incentive up to Rs 50,000 to farmers for repaying loans within deadline

MUMBAI: Amid political turmoil, the Uddhav Thackeray-led state cabinet has offered an incentive up to Rs 50,000 for those farmers who will repay their loans under the Mahatma Jotirao Phule Karja Mafi Scheme 2019 within the prescribed deadlines.
A decision to offer this encouragement so that a larger number of farmers come forward to repay their loans will be applicable for the fiscals 2017-18, 2018-19 and 2019-20, said a press release issued by the chief minister's office.
To be eligible to get the benefit of the scheme the farmers have to have repaid their loans by June 30, the end of first quarter of the immediate next fiscal. For example, a farmer who opted for a short-term loan in 2017-18 and repays it by June 30, 2018 and so on will become eligible under the scheme. However, for fiscal 2019-20, the cut off date for repayment is August 31, 2020.
The maximum incentive to be given in the fiscal 2019-20 would be Rs 50,000. Farmers whose loan amount in 2019-20 is less than Rs 50,000, will get an incentive equal to their principal, said a press statement.
While calculating the incentive, the entire loan amount they have repaid to different banks, such as nationalised banks, private banks, rural banks, district central cooperative banks, and other cooperative banks will be considered.