The Reserve Bank of India has expressed its willingness for the proposals from Andhra Pradesh and Telangana governments to consider rescheduling crop loans. This is a huge relief to Chief Ministers of both the states, Chandrababu Naidu and Chandrasekhar Rao. It is learnt that the RBI placed a limit to the repayment period to three years, against AP government requested for a moratorium of seven years.
RBI agreed for rescheduling of the loans and requested both the governments for additional information such as quantum, category of loans availed and the number of beneficiaries likely to be benefited by the moratorium.
RBI has also indicated that the rescheduling was likely to be made to farmers from drought and cyclone hit mandals and confined only to loans obtained for Kharif season for the year 2013-14. Iv view of this, RBI requested for village wise and mandal wise information from the state governments. RBI also made it clear that the gold loans will not be considered under this scheme, though taken for agriculture purpose.