Farmers owe Rs 9.44 cr to co-op banks in Kolar dist

The farmers in the district owe a total of Rs 9.44 crore to co-operative banking institutions and the staff of such banks.

“Interest to the tune of Rs 15.23 crore will be waived if the farmers repay the principal amount. Hence, the farmers should be convinced to repay the principal. The farmers of Kolar and Chikkaballapur districts should be provided the facility of zero-interest loans,” said Govinda Gowda, the president of Kolar-Chikkaballapur District Central Co-operative Bank. He was speaking at a meeting of presidents and secretaries of Sericulturists’ Co-operative Societies and Vyavasaya Seva Sahakara Sangha, here on Sunday.

Calling upon the staff of DCC Bank to be committed in recovery of loans, Gowda said that they would be unfit to hold any post in the management committee of the co-operative society if they cannot ensure justice to the farmers. He told the bank employees and the office-bearers of co-operative societies not to repeat the wrong they committed earlier. He said that the co-operative institutions would get empowered with the interest-waiver scheme and hence all steps should be taken to recover the loan in the next four months, he added.

Gowda said that women self help groups should be given more loans at four per cent interest as they repay the loan promptly. Director of the Bank, Somanna, said that Bidar district had made exemplary achievements in the field of co-operation movement and Kolar too should emulate the model. “The DCC Bank had slipped into oblivion for 12 years. The institution has now gained strength and has a business turnover of Rs 162 crore. Due to the failure of the DCC Bank last decade, Micro financing enterprises have duped people to the tune of Rs 1,700 crore,” said DCC Bank director Prakash. The secretaries and presidents of all the Vyavasaya Seva Sahakara Sanghas of two districts were present in the meeting.