Karnataka government to give interest-free loan on daily basis

By Ajay Joseph | First Published Aug 25, 2018, 7:37 PM IST

After popular promise of waiving off loans of farmers, Karnataka chief minister HD Kumaraswamy has now announced a new scheme of providing loan on daily basis.

Loans offered on daily basis will be interest-free. This measure is being taken to eradicate the presence of middlemen who give interest to farmers on a high interest.

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Under this, a farmer can avail a loan of Rs 1,000 and return it by evening. No interest will be charged for this loan, HDK said.

However, he was also quick to clarify that it was not a measure to save his chair and power. "I know what is happening. I know how to treat the MLAs and MLCs," he said.

Also reacting about rumours that one of the senior leaders is ready to take oath on September 3, he said that he is not bothered about the chair. Wait for three to four months, will show what Kumaraswamy is, he reiterated.

Following some national banks' reluctance to implement the Rs 49,000 crore loan waiver plan claiming thet are not willing to accept the payments in installments, chief minister Kumaraswamy announced that he will waive off farmers loans at one go in the next budget. This move is calculated to be burdening the government with Rs 23,000 crore to Rs 24,000 crore.insta' account.

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