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Andhra Pradesh Chief Minister, N Chandrababu Naidu, spoke to Reserve Bank of India (RBI) Governor, Raghuram Rajan, over phone on the loan waiver issue.
Naidu explained to the RBI chief the compulsion of the State Government to go ahead with the implementation of the debt waiver for farmers and self-help groups, according to a senior official.
It may be noted that the RBI is not in favour of loan waiver, as it would hit financial discipline and banks in general.
The Chief Minister also met the representatives of State-level bankers committee to discuss the modalities of the debt waiver.
The total outstanding loan portfolio of farmers and self-help groups in the State is over ₹1.07-lakh crore.
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