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Karnataka orders banks to waive crop loans: Official
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SME Times News Bureau | 13 Jun, 2019
Amid conflicting reports banks
withdrawing the money deposited earlier in farmers accounts after the
recent general elections, the Karnataka government has ordered the
waiver of all crop loans farmers borrowed from state-run banks, an
official said on Thursday.
"The revenue department has directed
the commercial banks to waive loans farmers borrowed to buy seeds and
fertilisers for growing various crops but could not due to severe
drought last year," the official told IANS here.
In line with the
promises to write-off farm loans made by the ruling Janata Dal-Secular
(JD-S) and Congress allies in their poll manifestos before the state
assembly elections in May 2018, Chief Minister H.D. Kumaraswamy also
told the banks to restructure the loans to enable the farmers borrow
money for sowing operations in the kharif season this year.
"The
loans include Rs 2,812 crore restructured, Rs 3,067 crore overdue and Rs
720 crore incentive for regular loans in the public sector banks," the
official said, citing the government order to the banks.
The
state government will compensate the banks from its resources for
waiving the farm loans, including borrowings from the state-run National
Bank for Agriculture and Rural Development (Nabard).
The
year-old coalition government has compensated the state-run banks by
paying them Rs 3,930 crore for waiving loans of 7.49 lakh accounts, and
Rs 4,830 crore to co-operative banks for writing off crop loans of 11.20
lakh accounts.
"The state government is, however, yet to decide
on 1.08 lakh crop loans worth Rs 965 crore which turned into
non-performing assets (NPAs) due to default on payment of capital and
interest by a section of farmers over a period of time," said the
official.
Clarifying that owing to wrong listing of re-structured
loans of some farmers as regular accounts, the banks have withdrawn the
amounts credited to their accounts before the Lok Sabha elections in
April-May.
"The Chief Minister has called for a meeting with the
state-level bankers' committee officials on Friday to streamline the
crop loans and protect nearly 14,000 farmers in the state's northern
districts like Yadgir, Ballari, Koppal, Raichur and Kalaburagi from the
debt burden," the official added.
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