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"Debt waivers create a moral hazard from a credit repayment perspective and we cannot have omnibus waivers," chairman Harsh Kumar Bhanwala said, a week after the UP government announced a Rs 36,000-crore farm loan waiver package.
Edible oils are a common ingredient in Indian cuisine, used in everything from curries to samosas, with soyoil seen as more healthy than palm.
The analysis done by a satellite can easily assess the vegetation cover to field level.
The government will entrust water user groups with the management of 99 irrigation projects that are in various stages of development across the country.
India, the world's biggest sugar consumer, had made a similar move in April as two straight droughts in 2014 and 2015 reduced output while demand stayed high.
Government has said there is no scope for India to increase the import duty on apples without further negotiations under the WTO regime.
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