Farmers urge govt. to intervene to stop invoking SARFAESI Act

Farmer organisations in Wayanad district have urged the government to adopt steps against the move of financial institutions, including nationalised banks, to invoke the Securitisation and Reconstruct

Farmer organisations in Wayanad district have urged the government to adopt steps against the move of financial institutions, including nationalised banks, to invoke the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act against those who have availed farm loans.

It is reported that financial establishments, including Kerala Bank, started revenue recovery proceedings invoking the SARFAESI Act in various parts of the district. As many as 2,000 revenue recovery notices have been issued to farmers in Pulpally, Mullankolly and Poothady grama panchayats by invoking the Act.

According to the norms of the SARFAESI Act, agricultural land did not come under the purview of the Act, but the banks were now intimidating the debt-ridden farming community by invoking the Act, said P.N. Sudhakara Swamy, convener of Haritha Sena. The government should intervene in the issue and adopt legal action against such banks, said Mr. Swamy.