The Karnataka cabinet on Thursday gave its approval to waiving Rs 9,448.61 crore existing farm loans in respect of cooperative banks, Chief Minister H D Kumaraswamy said.  At the cabinet meeting on Thursday, approval was given to waiving existing crop loans up to Rs 1 lakh borrowed from the cooperative sector, Kumaraswamy said. "It is estimated to be Rs 9,448.61 crore, about 20.38 lakh farmers who have obtained loans up to July 10 this year would benefit from this," he told reporters. He said there was no shortage of money for the farm loan waiver. During the next cabinet meeting, a decision would be made regarding waiver of farm loan obtained from nationalised banks and modalities were being worked out with the banks, he said.