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Ryots left in the lurch
The Primary Agricultural Cooperative Societies (PACS) suspended money transactions in Krishna district. PACS are not accepting deposits and allowing withdrawals for the past four days due to cancellation of Rs 500 and Rs 1,000 denomination notes.
Vijayawada: The Primary Agricultural Cooperative Societies (PACS) suspended money transactions in Krishna district. PACS are not accepting deposits and allowing withdrawals for the past four days due to cancellation of Rs 500 and Rs 1,000 denomination notes.
Krishna District Cooperative Central Bank (KDCCB) Chief Executive Officer (CEO) T Veera Babu issued instructions through a circular on November 9 stating that no PACS should take Rs 500 and Rs 1,000 notes for loan recovery or deposits.
Due to KDCCB CEO circular, all the 435 PACS in the district stopped transactions. It may be noted that farmers need money on a daily basis for agricultural expenses like purchase of fertilisers, pesticides, paying wages to agricultural workers and other activities.
The farmers have taken crop loans from PACS on no interest basis. If the farmers didn’t pay the loan amount on time, they cannot be eligible for interest waiver. As per the agricultural department officers, so many farmers have taken free interest crop loans from PACS in the district.
Due to recent developments, all the loan payments were stopped and the farmers are worried over their loan interest waiver, said Nunna PACS president Polareddy Sambi Reddy. He said that Nunna Society had given crores of rupees as crop loans, short term loans and long term loans to the farmers.
On the pretext of RBI instructions, the loan repayment process was totally stopped and framers were bothering about interest, he said. If the government would give permission to take Rs 500 and Rs 1,000 notes at the PACS, the farmers were ready to pay back loans, he added.
Speaking to The Hans India, Krishna District Cooperative Central Bank deputy general manager (DGM) Ranga Babu said that account holders could use KDCCB branches to deposit old defunct notes of Rs 500 and Rs 1,000 and also withdraw cash. He further stated that the farmers could deposit their cash through PACS secretaries instead of visiting KDCC bank branches.
Andhra Pradesh Rythu Sangam Krishna district president Y Kesava Rao said that stopping the money transaction decision was not correct. Due to the KDCCB decision, farmers would lose their interest on loan, he added.
The government should extend the interest-free loan period and allow all cash transactions in the PACS, he demanded.
He further stated that if the government did not extend the time, the government should bear the farmers' loan interest burden.
