Chennai (PTI): Following in line with other lenders, Kolkata based UCO Bank on Saturday launched the Agricultural Debt Waiver Scheme through its 23 rural and 26 semi-urban branches in Tamil Nadu.

The total loan waiver in four zones - Tamil Nadu, Andhra Pradesh, Kerala and Karnataka works out to Rs 123.47 crore involving 57,453 beneficiaries, Executive Director of the Bank B M Mittal said.

The debt waiver scheme announced by Finance Minister P Chidambaram in this fiscal's Budget was initially pegged at Rs 60,000 crore. The scheme was later enlarged to Rs 71,680 crore of total debts.

The Bank's total agricultural advances through its 82 branches in Tamil Nadu alone is Rs 292.67 crore and the waiver amount is Rs 66.96 crore, involving 33,000 borrowers in 50 branches, he said.

At Velliyur branch, where the event was kicked-off on Saturday, he said the agriculture advances in this branch is Rs 6.90 crore covering 16 villages, he said.

The total waiver and relief to small and marginal farmers would amount to Rs 2.81 crore and 757 of them would be benefited , he added.

In Perambakkam village, bank's advances to agriculture sector is Rs 12 crore. The total waiver and relief is Rs 7.88 crores for 673 beneficiaries in 13 villages of Tiruvallur and Kancheepuram districts.

After implementation of the scheme, the overdue loans of defaulting Small and Marginal farmers will be waived and they would be eligible to get fresh loan under different schemes, Mittal said.