AMARAVATI: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy launched the ‘YSR zero percent interest subsidy loan scheme’ under which the government is going to credit the money directly into the accounts of all the eligible farmers. A total of 6,27,908 farmers across the state will be benefitted with the scheme. The amount will be credited directly into their accounts on the 20th of this month. The government has paid the interest component of the farmer's loans as banks have been charging varying interesting rates.
The government has introduced the YSR zero percent interest scheme to deposit the interest paid by farmers on crop loans of less than Rs 1 lakh directly into their bank accounts. During the Kharif-2019 season, a total of 43,28,067 people have got loans. Out of the total, only 25,96,840 people took loans less than Rs 1 lakh. 14.25 lakh people who paid an amount including interest within the stipulated time period are eligible for the scheme. The government had deposited Rs 289.41 crore in their accounts in November last year under the scheme.
During the Rabi 2019-20 season, a total of 28,08,830 people had received loans, of which 16,85,298 took loans less than Rs 1 lakh. 6,27,908 farmers have repaid their loans. The arrears left unpaid by the previous government between 2014–15 and 2018–19 were paid to the farmers. Thus, the government has deposited a total of Rs 789.36 crore under YSR zero percent interest subsidy loan scheme for 35 lakh farmers.