Banks warned against issuing loan recovery notice to farmers
The Hindu
DC Hegde warns banks against issuing loan recovery notices; NABARD projects ₹14,557 cr credit potential for Dharwad district.
Dharwad Deputy Commissioner Gurudatta Hegde has warned banks against issuing notice for recovery of loans and said that action will be taken against them and they will reported to the government, if they fail to follow the government direction.
Speaking at a District Level Review Committee and District Consultative Committee meeting in Dharwad on Wednesday, Mr. Hegde said that the district has already been declared drought-hit by the State government.
“Such being the case, crop loan restructuring has to be done. However, some bank managers have been found to be issuing loan recovery notice to farmers. Action will be taken against such officials,” he warned.
He asked the officials to release loans to beneficiaries immediately after the respective departments issue recommendations. It is the responsibility of banks to ensure the timely availability of financial assistance to beneficiaries, he said.
District Lead Chief Manager Prabhudev N.G. asked banks to take steps for crediting subsidy amounts to the accounts of beneficiaries immediately after they are released.
Lead District Officer of Reserve Bank of India Ila Sahoo suggested immediate restructuring of crop loans on account of drought.
Earlier, Mr. Hegde released the Potential Linked Credit Plan Document.
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