Mysuru: With Chief Minister Siddharamaiah on Wednesday announcing crop loan waiver of up to Rs. 50,000 for farmers who have taken loans from Agricultural Co-operative Banks across the State, the city’s Mysuru-Chamarajanagar District Central Co-operative Bank (MCDCC) will waive off farm loans of 60,674 farmers amounting to Rs. 247.30 crores.

MCDCC Bank President S. Chandrashekar said 42,290 farmers from Mysuru district and 18.384 farmers from Chamarajanagar district will benefit  from the loan waiver.

Stating that the farm loan waiver will be Rs. 247.30 crores, he said the Government will fund the loan waiver and as such the waiver will have no impact on the bank’s business.

Maintaining that the MCDCC Bank has earned a unique place among Co-operative Banks in the State, Chandrashekar said Co-operative Banks are the backbone of farmers, as it is through them that the farming community receives all Government facilities.