The main opposition party said the announcement of the debt waiver scheme's funding pattern spanning five years has clearly exposed the political game of the Congress-led UPA government.

"The government wants to claim undeserved credit for the Rs 60,000 crore loan waiver whereas in reality it has provided only Rs 10,000 crore (Rs 100 billion) and the left rest of the burden on future governments," party spokesperson Prakash Javadekar said.

He said the Union Cabinet on Thursday made it clear that the government will initially provide only Rs 10,000 crore to compensate banks for writing off the debts while the remaining Rs 50,000 crore (Rs 500 billion) will be given to them in the next four years.

"The government's hoax of loan waiver stands fully exposed now. It wants to take credit for the Rs 60,000 crore package, whereas it is giving only Rs 10,000 crore," he said.

He said the UPA government's "game plan" is going to be further exposed when the Reserve Bank of India [Get Quote] comes out with its detailed guidelines.

"Banks in a routine exercise make provisions for bad debts for all sectors, including agriculture. The government wants to build upon these provisions and take credit for such write off," he alleged.

Javadekar also asked the government to explain how banks can issue "no dues certificate" to farmers without actually receiving the compensation money from the government.