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LATEST NEWS UPDATES | Loan waiver: Cong wants to revive scheme in which CAG punched many holes -Sanjeeb Mukherjee

Loan waiver: Cong wants to revive scheme in which CAG punched many holes -Sanjeeb Mukherjee

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published Published on Mar 20, 2018   modified Modified on Mar 20, 2018
-Business Standard

While ADVVDRS was hailed as a key reason for UPA's return to power in 2009, the scheme itself later drew flak for its flaws, with CAG finding many of the accounts ineligible for waiver or relief

In order to help the country’s small and marginal farmers, the Congress party has promised to bring a nationwide loan waiver scheme on the lines of its 2009 programme, should the party be voted to power in the 2019 general elections. The programme being referred to is the one that was found to be riddled with a lot of discrepancies and irregularities.

The Agriculture Debt Waiver and Debt Relief Scheme (ADVVDRS), announced by the Congress-led United Progressive Alliance (UPA) government of the day in 2008, was estimated to benefit around 38.8 million farmers with either debt relief or debt waivers to the tune of a combined Rs 650 billion (provisional figures).

The scheme was implemented by the Scheduled Commercial Banks, Regional Rural Banks, Cooperative Credit Institutions (including Urban Cooperative Banks) and Local Area Banks.

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Business Standard, 19 March, 2018, http://www.business-standard.com/article/current-affairs/loan-waiver-cong-wants-to-revive-scheme-in-which-cag-punched-many-holes-118031900156_1.html


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