Hyderabad: The Reserve Bank of India has cleared the crop loan reschedulement for farmers in Andhra Pradesh.
As opposed to seven years of reschedulement request made by the State, it is learnt that the RBI approved it for three years and also sought additional information.
A high-powered meeting of the State Finance Ministry is now under way in Secretariat to take stock of the situation following RBI communication.
The TDP has come to power basing on the farm loan waiver and it is facing severe criticism over implementation of the farm loans.
AP CM Chandrababu Naidu has formed a committee to implement the farm loans basing on its report and till then he conducted a meeting with the bankers to reschedule the loans.
The bankers expressed that it is impossible to reschedule the loans with out RBI permission and now a sigh of relief to AP Government as RBI agreed to reschedule the loans given to the farmers.
