Karnataka - Bangalore   

Centralised registry for non-farm properties mooted

BANGALORE: Regional Director of Reserve Bank of India Devaki Muthukrishnan on Wednesday suggested that the State Government set up a centralised control registry of all non-agricultural immovable properties in Karnataka, on the lines of the computerised Bhoomi scheme for farmlands, to facilitate easy disbursal of loans against properties.

Delivering the keynote address at a credit seminar organised by the National Bank for Agriculture and Rural Development (NABARD) here to present the State focus paper for 2008-09, Ms. Muthukrishnan said such a registry would go a long way in extending hassle-free institutional finance against mortgage of properties for various income and employment generating activities.

She was of the view that having a computerised registry of properties would help the financial institutions to know if there was a dual mortgage of the property. It would also provide easy information about the property to the financial institution so that the decision on extending loans could be taken at the earliest, she noted.

She pointed out that the RBI had made such a suggestion regarding the registry to the government a couple of years ago.

She also appealed to the State government to adopt appropriate IT solutions such as use of smart cards, hand-held devices and mobile phones for making payments under various development schemes, especially under the National Rural Employment Guarantee Programme and social security pension payments.

She urged the State Government, NABARD and banks to increase the credit flow to plantation and horticultural sector, which accounted for 13 per cent of the total area of cultivation in the State. More focus on this sector would lead to increase in the income for the State, she pointed out.

She said all the 29 districts of the State, barring Bangalore city, had completed the first phase of cent per cent financial inclusion, which was an initiative for extending credit facilities to those people who normally tended to be excluded from credit services.

Speaking on the occasion, Chief Secretary Sudhakar Rao said the State government was in the process of preparing comprehensive district agriculture plans for all districts.

Such a step was necessary to increase rural economy’s contribution to the country’s GDP.

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