Loan repayment relief for 12 lakh farmers in Rajasthan
Farmers, who could not repay by the March 31 deadline, can now pay within a year of taking the loan or by June 30, whichever is earlierjaipur Updated: Apr 05, 2017 19:18 IST
More than 12 lakh farmers in Rajasthan are relieved as the state government has decided to extend repayment dateline of interest-free cooperative Kharif crop loan by three months.
Farmers, who could not repay by the March 31 deadline, can now pay within a year of taking the loan or by June 30, whichever is earlier.
The dreams of a large number of farmers of the state were shattered with the expiry of the deadline for repayment of cooperative loan on March 31.
Cooperative bank sources said more than ₹95,00 crore of loan was disbursed to more than 23 lakh farmers in the state during the 2016-17 financial year, of which ₹ 5,500 crore was due from 12 lakh farmers. In Rajasthan, farmers usually earn by selling wheat--- a major Kharif crop—in April.
Hindustan Times in a report published on April 1, highlighted the plight of farmers.
Taking note of the woes of farmers in state, registrar of the cooperative department has issued an order to all cooperative banks, apex banks and others provide relief to the farmers.
Indra Singh, managing director of Central Cooperative Bank Limited in Kota, said the order clearly states that farmers, who have taken Kharif crop loan in the 2016-17 fiscal, can now repay their loan either within a year from the date of taking the loan or by June 30, whichever is earlier.
Farmers used to pay an interest of 7% for not repaying the loans on or before the repayment deadline but now they will not have to pay any interest following the extension of the deadline, said Singh.
He further said that farmers are given interest-free cooperative crop loan of Rs 1.50 lakh during Kharif crop season in the summers and for Rabi crop in the winters ever year.
While the Kharif crop loan is disbursed between the months of March and August, the Rabi crop loan is given between September and March, repayment deadline for which are March 31 and June 30.
During the 2016-17 fiscal, more than ₹ 442 crore crop loan was disbursed to more than 60,000 farmers in Kota division alone, out of which ₹ 184 crore was due from farmers.
Farmer leader Dashrath Kumar welcomed the decision, saying that the extension of loan repayment will give time to farmers to arrange for the due amount after the wheat harvest during April and May so that they can repay by June end.
“It will also prevent farmers from becoming loan defaulters and they will not be entitled to take further crop loan in the coming Kharif season,” he said.
First Published: Apr 05, 2017 19:18 IST