The State government has been able to save ₹9,500 crore during the implementation of the crop loan waiver scheme, which has so far seen over 90% of beneficiaries receiving the benefit.
Identification documents such as Aadhaar, ration card and land survey number helped save ₹3,500 crore by way of identifying farmers with loans in both cooperative sector and commercial banks. As many as 4.3 lakh farmers with both loans were identified, and these farmers received waiver in the cooperative sector, sources said. Further, making Aaadhar, ration card, and land survey number mandatory removed non-existent or ineligible farmers as well as bogus crop loans, and this brought about an additional saving of ₹1,500 crore. The biggest chunk of saving came from the commercial bank side, which translated to around ₹4,500 crore. According to sources, commercial banks initially gave a list of about 22 lakh farmer crop loans and the loan amount came to be about ₹36,000 crore.These loans, sources said, were claimed to be legitimate. “If the waiver had been implemented straight away, it would have cost the exchequer ₹18,000 crore. However, total outstanding amount of crop loan reduced from ₹36,000 crore to ₹27,000 crore and the number of crop loans dropped from 22 lakh to 16.3 lakh after managers were asked to approve every loan after checking the eligibility,” sources said. This brought down the outgo from State exchequer for commercial banks from ₹18,000 crore to ₹13,500 crore, sources said.