BHOPAL: The farm loan waiver scheme, launched by the state government, has put the existence of cooperative sector banks and societies in danger. The government may have started to waive loan through societies but it has not made any payment to any of them. The formula of payment to cooperative banks and societies has not yet prepared which is leading to resentment.
The cooperative societies are threatening for agitation. Sahakari Samiti Karmachari Mahasangh has begun pen-down-strike. The leaders of the societies maintain that if the government does not prepare proper formula for payment of loan waiver then they would also launch strike.
Out of the farmers, identified for farm loan waiver at the initial level, 90 per cent of them belong to cooperative banks and societies. The agriculture department has so far earmarked 22 lakh accounts, out of claims of around 15 lakh accounts have been settled and sent to the collectors. There are 20 cooperative banks in the state which are already defaulter. The bank officials of remaining banks fear that loan waiver may also put banks in this category. The finance department is saying that it would pay 50 per cent on NPA to the commercial banks and cooperative banks.
The cooperative societies are run due to capital of farmers. The societies take loans from cooperative banks and distribute them to the farmers. The employees of these societies feel that if their capital is put into farm loan waiver scheme then it would affect their financial condition. Cooperative minister Govind Singh had met Chief Minister Kamal Nath on Tuesday. Nath has asked Singh and principal secretary, finance, Anurag Jain to discuss and initiate for payment after preparing formula for giving funds to the societies.
Pen down strike begins in societies, warn to intensify stir
Resentment brewing as formula of payment not yet prepared
90 pc of farmers identified for loan waiver are debtors of cooperative banks and societies
Will take care of societies: Minister
According to cooperative minister Govind Singh, Chief Minister has assured of releasing funds for farm loan waiver to the cooperative banks. Singh said the said fund would reach to societies through banks. Singh said societies would be taken care in the implementation of the scheme.
Will go for strike if matter not solved: Karmachari Mahasangh
Sahakarita Samiti Karmachari Mahasangh, state president, Ashok Mishra, said cooperative societies are not financial committees which are able to make payment under farm loan waiver scheme. The condition of cooperative banks is also not good. A formula, related to scheme, should be made which would put no burden on the societies. Mishra said if this is not taken care then we would have to resort to movement and strike.
