BHOPAL: Ahead of

polls, Kamal Nath-led Congress government in

extended the cut-off date for waiving farm loans from March 31 to December 12, 2018. About 55 lakh farmers are going to be benefitted.

Briefing the media soon after a cabinet meeting here at the state secretariat on Saturday, cabinet minister

said as many as 55 lakh farmers including 35 lakh small and marginal farmers would be benefitted by the

. Loan up to Rs 2 lakh would be waived.

He said that the whole exercise would cost about Rs 50,000 crore to the government coffers. The minister said that transfer of money in the accounts of the farmers would start from February 22.

After assuming power in Madhya Pradesh in December last year, the government had spelt out details of the loan waiver saying only loan amount outstanding as on March 31, 2018 will be eligible for the waiver.

But now the government has decided that the loan taken up to December 12 last year would be waived off. chief minister

had signed the loan waiver file immediately after he was sworn in on December 17.