Karnataka to bring law against seizing farmers’ properties for loan default

Lenders should extend the time for the repayment of loans, Bommai said

The state government will soon bring a law restricting banks from auctioning or seizing farmers properties, in case of non payment of loans borrowed for agricultural purposes.

Chief Minister Basavaraj Bommai announced this on Saturday during the valedictory of Krishi Mela 2022 organised by University of Agriculture Sciences Bengaluru in association with Union Agriculture ministry and department of farmers welfare.

“I have already instructed the cooperative banks and officials of the department not to auction or seize the properties of farmers. Instead they should extend the time for the repayment of loans," said Bommai.

He said that state government will soon bring a law in this regard.