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Farmers urged to pay back loans

By Our Staff Reporter

PALAKKAD, APRIL 1. The Minister for Cooperation, M.V. Raghavan, has said that farmers in the State were not repaying loans to the tune of Rs.13,000 crores taken from the cooperative banks in the State because of a campaign run by some farmers' organisations that the loans will be written off.

Addressing a press conference at the Collectorate here today, the Minister said that the cooperative sector that had helped farmers with liberal agriculture loans cannot write off such a huge amount. The Government had extended concessions to help the farmers by waiving interest and the one-time settlement schemes of dues. Despite this farmers were not repaying the loan they had availed, he said.

As a result the State could avail of only Rs.100 crores out of the Rs.400 crore-loan it had received from NABARD as agriculture loan to farmers, the Minister said. This loan can be utilised to renew the loans taken by cooperative banks and get concessions on interest rate too. But some farmers' organisations are out to destroy the co-operative sector to help private finance companies.

Huge amount

The Minister said that the cooperative banks have extended huge amount as loan to farmers but the nationalised banks, which had collected Rs.40,000 crores from the State, are reluctant to extend loans to farmers. They should realise that unless they repay the loans the co-operative banks will not survive, he said.

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