Farmers Bank A/c Has Money, But Loans Not Paid: Rbi

[timmy]

The Reserve Bank has refused to concede the request of AP Govt for rescheduling of agricultural loans under the pretext that the bank accounts of all farmers has shown surplus funds and Kisan cards renewed but loans were deliberately not paid in anticipation of waiver.

The RBI's fresh missive has caused a set back and embarrassment to Chief Minister N Chandrababu Naidu as he went to town claiming credit for achieving the loan rescheduling as a first step in implementing his promise of total loan waiver.

Chandrababu had announced last week that all crop loans and gold loans (taken for agriculture) up to Rs 1.5 lakh would be waived as the state government would carry the entire debt burden costing a whopping Rs37,000 crore. Ahead of Haryana and Maharashtra assembly polls the NDA government is cautious to support the loan waiver sop of both Telagnana and AP. ‘We have nothing to say about the poll promise made by both Govts and it is their head ache‘ said NDA minister Venkaiah Naidu recently.

Naidu’s repeated parleying with centre and RBI and communications have failed to change the status on loan waiver scheme as the state entered the final week of khariff season and farmers left high and dry without crop loans and suspense over old loans. ‘We dont feel ground situation is not distress enough to require reschedule' RBI Executive Director Deepali Pant Joshi observed in a letter to Chief Secretary Krishna Rao on Saturday.

RBI also noted that farmers' distress is not the key issue in non-repayment of loans because balances in the farmers' savings bank accounts in rural and semi-urban areas increased. Data received from major banks functioning in the state revealed that before April 2014, the number of Kisan Credit Card renewals was similar to the previous year. Farmers have money but had not paid loans anticipating waiver’ says RBI .The apex bank also felt that in view of rains and other conditions only half the area would be under cultivation and hence rescheduling of entire loans was not feasible.

[timmy]

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[timmy]

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[timmy]

RBI Shocker to Chandrababu on Farm Loans

By Express News Service

Published: 29th July 2014 07:24 AM

Last Updated: 29th July 2014 08:18 AM

HYDERABAD: In a development that could cause a lot of discomfiture to the AP government, the Reserve Bank of India has indicated that it cannot reschedule crop loans availed by farmers last year, leave alone waiver.

According to sources, the RBI, after going through the data relating to agriculture output during 20012-13, felt that it was good enough and did not warrant any resceduling of loans advanced by the banks. The RBI is understood to have conveyed its opinion in the form of a letter to AP government.

The development could not have come at a worse time since Chief Minister N Chandrababu Naidu is unable to arrive at satisfactory alternative to rescheduling to keep his promise of debt waiver. As the RBI has been dragging its feet in rescheduling loans, he had thought of auctioning red sanders logs and offer bonds to raise money to fund debt waiver.

The Kotaiah Committee constituted by Chandrababu Naidu, in its report submitted to him recently, recommended  a cap of Rs 1 lakh for crop loans and Rs 50,000 for gold loans.  But the state cabinet chaired by Naidu, after discussing the recommendatins, decided to offer waiver of both gold and crop loans up to Rs 1.5 lakh for each farmer family. The burden would be a whopping Rs 32,000 crore.

RBI also noted that “farmers’ distress is not the key issue” in non-repayment of loans because balances in the farmers’ savings bank accounts in rural and semi-urban areas increased.

“Data received from major banks functioning in the state revealed that before April 2014, the number of Kisan Credit Card renewals was similar to the previous year. From April 2014, however, possibly in anticipation of loan waiver, KCC renewals declined sharply,” the  RBI Executive Director said.

With RBI more or less ruling out rescheduling, Naidu would have to mobilise funds fast to fund the scheme.

‘Not necessary’

“It does not appear feasible for us to conclude that distress is widespread warranting rescheduling of loans in the form and manner in which it has been asked for,” RBI Executive Director Deepali Pant Joshi observed in a letter to CS Krishna Rao.

 

[timmy]

No progress on loan waiver promise

M.L.MELLY MAITREYI

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Cabinet resolution yet to be circulated

The crucial Cabinet resolution on the loan waiver to farmers and self-help groups besides the weavers has not yet reached the Agriculture department for expediting the process.

In normal course, immediately after the Cabinet meeting, the resolution is forwarded to the concerned department for administrative process to kick in. The AP Cabinet had met on July 21, where the resolution was unanimously passed without waiting for the Reserve Bank of India approval for rescheduling of crop loans.

Without a formal resolution, neither Agriculture or Finance Departments can take the process forward and write to the State Level Bankers Committee to collect information about farmers’ accounts from the bank branches, sources said.

The formal Cabinet resolution on loan waiver would facilitate the departments concerned to issue a statement asking the farmers to repay the loans and avail fresh bank loans as time is running out for the Kharif season and that the government would reimburse the amounts repaid by them.

Meanwhile there is more bad news for the State as the RBI not satisfied with the information furnished by the State sought mandal-wise details of loan disbursements and crop-wise loans extended to the farmers to consider the request on rescheduling of crop loans. The RBI officials who studied the crop yield data uploaded by the Director of Economics and Statistics under the Planning Department reportedly came to the conclusion that the yields were not affected drastically as claimed by the State due to natural calamities.

It also collected data on the savings accounts and deposits in the affected mandals and felt they did not indicate that the farmers were in distress. The RBI wrote back to the State government indicating its observations and sought detailed data to justify the need for rescheduling of crop loans, sources said.

The RBI apparently perceives that both the Andhra and Telangana governments sought rescheduling of crop loans as an after thought basically to aid the loan waiver promised by them to the farmers. Andhra Pradesh government however disagreed with the RBI’s observations and wrote another letter on Monday requesting the apex bank to consider rescheduling of crop loans at the earliest and explained the ground situation in the affected 575 mandals.

 

[timmy]

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[micxas]

RBI also noted that farmers' distress is not the key issue in non-repayment of loans because balances in the farmers' savings bank accounts in rural and semi-urban areas increased. Data received from major banks functioning in the state revealed that before April 2014, the number of Kisan Credit Card renewals was similar to the previous year. Farmers have money but had not paid loans anticipating waiver’ says RBI .The apex bank also felt that in view of rains and other conditions only half the area would be under cultivation and hence rescheduling of entire loans was not feasible.

 

 

paisal unte kattochu ga 

[higgsboson]

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[timmy]

RBI also noted that farmers' distress is not the key issue in non-repayment of loans because balances in the farmers' savings bank accounts in rural and semi-urban areas increased. Data received from major banks functioning in the state revealed that before April 2014, the number of Kisan Credit Card renewals was similar to the previous year. Farmers have money but had not paid loans anticipating waiver’ says RBI .The apex bank also felt that in view of rains and other conditions only half the area would be under cultivation and hence rescheduling of entire loans was not feasible.

 

 

paisal unte kattochu ga 

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[psycopk]

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