Haryana to waive overdue interest payments to deceased borrowers

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Haryana to waive overdue interest payments to deceased borrowers

The Haryana government has announced a one time settlement scheme for indebted farmers or members of the District Agriculture and Land Development Bank.

The state's Cooperation Minister Banwari Lal said on Friday that a 100 per cent rebate on overdue interest will be given to the loan accounts of deceased borrowers until March 31, 2022, under the scheme announced by the state's Cooperation Minister Banwari Lal.

A 100 per cent waiver of overdue interest will be provided to the heirs of deceased borrowers on depositing the entire principal amount in the loan account. Penalty interest and other expenses will be waived, he said.

The total amount of dead loan holders of the bank is 17,863, whose total amount is Rs 445.29 crore, including the principal amount of Rs 174.38 crore and interest of Rs 241.45 crore and a penal interest of Rs 29.46 crore, he said.

This scheme will apply to all types of loans of the bank. If the loan holder can't pay his loan due to any reason and is declared a defaulter by the bank until March 31, 2022, he can take advantage of this scheme.

The cooperation minister said that this scheme is for a limited time, so consumers can take advantage of it on a first come-first serve basis.

He said that even before this, the government implemented an interest waiver scheme in 2019 under which 605.22 crore was recovered by the bank. The interest of 21,881 loanee members was waived under the scheme.