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Maharashtra Govt. Asks Banks to Use Their Funds for Loan Waivers

October 24, 2017

Maharashtra Govt. Asks Banks to Use Their Funds for Loan Waivers

To implement the ambitious loan waiver scheme costing about Rs. 34,000 crores to the exchequer, the government of Maharashtra has asked the banks to disburse the funds to the farmers from their own pocket, with a promise that they will be reimbursed for the same later.

Since the timeline for the reimbursement was not specified by the state government, banks have raised multiple queries with the state cooperation department, a senior official said.

A banking official said that they cannot use their entire capital for the implementation of the loan waiver scheme that’s to be implemented in multiple stages. However, once the government has reimbursed them for the first stage, they can move to the next one.

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