Punjab Farmer Debt Waiver Scheme (Kisan Karz Mafi List) [Registration]
The Punjab loan or debt waiver scheme is introduced to take the pressures of loan repayment off them. As like many other states that have also waived off the loans off the farmers, Punjab, which happens to be largely agricultural in its economy, has also taken the step to ease their farming populace.
Main features of the scheme
- Famers will be financially better off: As a result of the waiver on loans, the farmers will be able to get more profits and savings. It will lessen their expenses on loan repayment.
- Farmers’ empowerment: This is a major pro-farmers step that has been taken. The government aims to assist the poor with the loan repayment so that they can meet ends.
- Directed towards all levels of farmers: So unlike other states where this scheme is applicable to only the small and marginal farmers, in Punjab this scheme is applicable to even the other farmers who own a large amount of farmland, besides of course the small and marginal farmland owners.
- Large number of beneficiaries expected: If all goes well, the government estimates that about 10.25 lakh farmers of the state shall get the benefit of this scheme.
- Credit waived off till 2 lakh: This means that if you have taken a loan which has amount to over Rs. 2 lakh, then you have to pay whatever is above Rs. 2 lakh because till Rs. 2 lakh, all loans are waived off.
- Outstanding credit: Previously it was reported by the banking authorities that the agricultural credit amount stands at Rs. 59.621 crore present, in the state.
- Bank account of debtors: Nearly 20.22 lakh accounts have some kind of agricultural debt associated with them as per the government data. These accounts will get the benefit of this scheme but they will have to repay the net amount still.
Implementation Process (phases)
The process will be implemented in three phases. It will start with those who have seeded their Aadhar with their bank accounts but it will also include those who haven’t done that eventually. So the three phases will go as –
Phase I – If you have seeded your Aadhar card with your bank account already, then you will be brought under this scheme in the first phase itself.
Phase II – If you have seeded your Aadhar card with your bank account after the notification came out, you will be included in the scheme in the second phase of its implementation.
Phase III – If you haven’t linked your Aadhar card (with bank account) even after the notification came out, then also you will be brought under this scheme but at the last phase.
Application Process and Form
There is only an offline procedure to apply now. Whether or not there will be an online process to implement the scheme is not yet known. If the online process starts then you will have to check the official website of the scheme to apply. For now, you can get the registration forms from the offices of the District Commissioners.
Which farmers are eligible for the scheme in Punjab?
- State: This scheme is applicable only for the residents of Punjab. It is a state funded scheme which will be implemented within the jurisdiction of Punjab itself.
- Coverage: It is a must that you are not covered by any other central government or state government scheme that waives off your loan.
Documents which are needed for getting the benefits
- Proof of residence: Since it is must that you be a permanent resident of the state, you have to provide bills or documents proving that you are resident of Punjab.
- Land related documents: You have to provide documents of land that show details like the area of land, etc. so that it is verified whether you are a nominal farmer, a marginal farmer or a large farmland owner.
- Loan related documents: All the paperwork stating the amount of loan, the interest rate, etc. should be presented at the time of application for verification.
- Account details: you will also have to provide the account details as the loan waivers shall be done via this channel itself. So furnish details like account number, IFSC code, bank name, etc.
- Aadhar card: Aadhar card is mandatory for getting the benefits and it is closely tied with the scheme so you have to produce it at the time of registration.
- Identification details: Things like name, address, contact details, district name, etc. have to be mentioned and proof of the same has to be given.
After the registration, your application form will go through a very stringent verification process. This is to ensure that the needy ones get the full benefits of the scheme. Only after your application has passed through all steps of verification, will you be considered a beneficiary.
At first, the district commissioner will set up a district level committee that will select the eligible farmers. After that there will be camps set up in banks which will assure the farmers that they will get the loans.