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Moratorium on farm loans extended

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Moratorium on farm loans extended
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Thiruvananthapuram: Giving a breather to farmers in debt-trap, the government on Wednesday extended the moratorium on farm loans to December 31, following a high level meeting between Chief Minister Pinarayi Vijayan and the State Level Bankers Committee (SLBC).

As well as freezing revenue recovery proceedings on farmers’ loan, the meeting decided to set up district-level sub-committees that will look into farm loan arrears.

No revenue recovery wouldn’t be initiated without first having the clearance of these sub-committees, made up of bank and agriculture officials.

Also, revenue recovery proceedings would not be initiated on restructured loans. However, banks can decide on extending the moratorium on other loans.

Earlier, the government was in favour of extending the moratorium on farm loans and non-agricultural loans; however, SLBC didn’t implement it as it didn’t get any nod from the RBI.

 

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