Telangana bankers have more faith in gold than land

DECCAN CHRONICLE. | PILLALAMARRI SRINIVAS
Published Jun 20, 2017, 1:58 am IST
Updated Jun 20, 2017, 2:36 am IST
Ironically, farmers consider their agriculture land more valuable than the gold.
Representational image
 Representational image

Adilabad: For some bankers, gold is more valuable than farmers’ lands. The bankers are willing to give even more than Rs 1 lakh at a time as gold loans, but when it comes to crop loans, they grudgingly offer Rs 5,000 to Rs 10,000 to farmers for kharif in old Adilabad district.

Ironically, farmers consider their agriculture land more valuable than the gold. The bankers reason that they will get bank interest on gold loans and the state government will not apply the waiver on gold loans unlike the crop loans.

 

“Besides, there is the certainty that women will force their men to get back the mortgaged gold by clearing the loans,” a source said.

The bankers’ approach has not gone unnoticed by the distressed farmers, who are now questioning their system of advancing loans.

The hapless farmers are in no position to purchase seeds, fertilisers or pesticides with the paltry sums, and their distress grows as they have made all preparations for sowing.

Farmers are seen standing in queues in front of banks waiting for their turn to get crop loans as per the fixed scale of finance. Some farmers are seen leaving the queue in disgust after hearing that only Rs 5,000 is being given as the first instalment of the crop loan.

They turn to the private moneylenders and borrow at exorbitant interest rates.  Ladi Bhojanna of Boath mandal said farmers are running pillar to post to get crop loans as they are badly in need of money to purchase seeds, fertilisers and pay wages to the agricultural laborers but in vain.

“It’s surprising to see bankers giving over Rs 1 lakh in gold loans at a time while refusing more than Rs 5,000 to Rs 10,000 as crop loans citing shortage of cash,” he said.

Bankers are giving priority to gold loans in Jainad, Ichoda, Indravelli, Gudihathnoor, Narnoor and Boath mandals of Adilabad district.  

Location: India, Telangana, Hyderabad




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT