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April 14, 2024 8:10 am

Punjab CM freezes repayment of loans taken by farmers from Primary Agricultural societies

The Fact News Service
Chandigarh, March 28

In a major pro-farmer initiative, the Punjab Chief Minister Bhagwant Mann on Monday announced to freeze of repayment of loan taken by the farmers from Primary Agricultural cooperative Societies.

The Chief Minister has taken the decision in wake of the losses suffered by the farmers due to recent rain and hailstorm. He expressed hope that this will give much needed relief to the farmers in this hour of crisis. Bhagwant Mann said that the farmers can pay back this amount later after they recover from the losses.

The Chief Minister envisioned that this will prove boon to the farmers of state by giving them more time to repay their loans and avoid imposition of penal interest, which will have been levied on farmers who did not repay the loan. He said that the state cooperatives lends crores of rupees per crop to the farmers of Punjab as short term crop loan through the Primary Agricultural Cooperative Societies. Bhagwant Mann said that this step by the State Government is an important concession to the farmers.  He said that as a result of this extension in time, a large number of farmers will be saved from becoming defaulters and will remain eligible to get loan for the next crop.

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