Nashik Dist Co-op Bank Seeks Farmers’ Outstanding Dues Data | Nashik News – Times of India

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NASHIK: The Nashik District Central Cooperative (NDCC) Bank has sought data on the number of farmers defaulting on their loan payments, the total outstanding dues and the simple interest rate calculated at 6% and 8% from the primary agriculture societies.
The NDCC has a vast network of PACs (called Vivid Karyakari Society) across the villages in the rural areas of Nashik that provides agriculture and non-agriculture loans to farmers.
Given the outstanding dues of the loans, the bank has charged compounding interest against all the defaulters.
“We have asked PACs to furnish data of farmers, their due principal and simple interest charged at 6 % and 8 %. This data is being readied for our reference,” a senior officer from NDCC Bank said.
The move comes in the backdrop of the farmers’ agitation led by Swabhimani Shetkari Sanghatana chief Raju Shetti in Malegaon on January 16 demanding relief from the ‘recovery drive’ by NDCC Bank.
The farmers had demanded a waiver of interest and principal besides no seizure of land from the defaulters. District guardian minister Dada Bhuse virtually addressing the farmers said that they would be charged simple interest on the outstanding and the stand on seizing of land would be softened.
“The bank has not received any directives from the government so far. But the media reports show claim that the farmers could be charged 6 to 8% of simple interest. We are only getting our data updated so that if and when the government seeks information, we will be able to furnish the same,” the officer said. This data would also help the bank understand receivables if interest rates were lowered and the ‘deficit’ that NDCC Bank would have in its accounts.

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