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Defer farm loans up to 6 months, says Coop movement leader Manohar Shetty

Defer Farm Loans Up To 6 Months Says Coop Movement Leader Manohar Shetty
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“Well into the growing season, many farmers in Dakshina Kannada, especially the farmers of arecanut who have lost both revenue and markets as a result of the ongoing pandemic continue to struggle with paying existing farm debt. While broader debt relief efforts are needed to address the unsustainable levels of farm debt that are saddling farmers all across the country, the government must come forward to defer farm loan payments that may provide immediate, short-term relief to farmers,” said Manohar Shetty, State secretary of Karnataka Rajya Raita Sangha Hasiru Sene.

Speaking to News Karnataka he said, “Many farmers have taken loans from local co-operative societies and Commercial banks. These institutions provide agriculture loans to farmers at a zero rate of interest. If the loans are not settled within a year the farmers are charged more than 12% interest rate on their loan amount. So keeping the present situation in view, I request Chief Minister B. S. Yediyurappa defer loan payment at least for the next 6 months,” he added.

Further he said, “already the Government has announced the loan deferment for a month, but we request at least extension up to 6 months so that our farmers will get time to cope with the losses.” He also requested subsidies or some relief package for the farmers. 

“Deputy Commissioner Rajendra K. V. has issued a new order stating that Microfinance, Cooperative societies, and other financial organisations should not pressurise the farmers to pay the loans. If any above said financial institution does that, the farmer can lodge a complaint against them,” he informed.

Image source: IANS

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Preeti V Kamat, a young Postgraduate in Mass Communication and Journalism from Karnatak University, Dharwad utilises her considerable learned journalistic knowledge and inherent nose for news that matters to provide the media brands of the Spearhead Media group with a competitive edge. Her focus is on profiles and human-interest stories.

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