Karnataka - Hubli-Dharwad   

Chief Minister urged to issue ordinance on loan waiver

Staff Correspondent

HUBLI: Former Minister and Congress leader H. Vishwanath has urged Chief Minister H.D. Kumaraswamy to issue an ordinance before February 1 regarding waiver of loans taken by farmers from cooperative banks.

Addressing presspersons here on Saturday, Mr. Vishwanath said the Chief Minister, without realising the consequences of his statement, had made the announcement on loan waiver. Now if failed to keep his promise, it would result in serious problems, the Congress leader said.

He said the Chief Minister had promised to issue an ordinance on loan waiver within a fortnight.

Because of the announcement made by the Chief Minister, most of the farmers who were willing to repay their loans were now reluctant to do so. Consequently the recovery rate of various banks had dropped significantly, he said. He clarified that the party had already welcomed the announcement. However, he expressed apprehensions about the viability of the proposal and wanted to know whether the Government was in a position to shoulder such a heavy burden.

Mr. Vishwanath said the Chief Minister had not discussed the matter with the Finance Minister prior to making the announcement.

When 90 per cent of the cases regarding encroached properties in and around Bangalore was in the High Court, then how was it possible for the Government to mobilise funds by auctioning the same, he asked.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

All set for Mahamastakabhisheka of Parshwanath Teerthankar
Chief Minister urged to issue ordinance on loan waiver
In Hubli-Dharwad Today

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu