The Maharashtra cabinet on Tuesday approved a farm loan waiver scheme across the state, people aware of the developments said. The scheme will cover agricultural loans of up to ₹2 lakh, a decision expected to benefit around 5.6 million farmers.The cabinet also decided to provide an incentive of up to ₹50,000 to farmers who have regularly repaid their crop loans. (devendrafadnavis.in)The scheme will cover more than 6.5 million accounts and is expected to cost ₹36,585 crore to the state exchequer.Chief minister Devendra Fadnavis has ordered the administration to credit the loan waiver amount by June 20.Also Read: Budget relief for farmers: Crop loan waiver up to ₹2 lakhWhile presenting the state budget, CM, who also holds the finance portfolio, Fadnavis announced the farm loan waiver. The state cabinet also decided to give ₹50,000 to the farmers who paid their loan regularly.