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Major relief to Kerala farmers: SLBC accepts government's proposals to extend moratorium

In view of the acute crisis in the agri sector following the mid-August floods, the banks decided not to impose SARFAESI Act on loans for one year.

Published: 06th March 2019 12:24 PM  |   Last Updated: 06th March 2019 12:29 PM   |  A+A-

Kerala Farmers

A child helping her granny to bundle the harvested paddy at Varkala in Thiruvananthapuram. (FILE| EPS)

By Express News Service

THIRUVANANTHAPURAM: In a major relief to farmers across Kerala, the State Level Bankers Committee has accepted the government decision to extend moratorium on farmers loans - both agriculture and non agriculture - till December end. The SLBC which met here on Wednesday agreed to the proposal put forth by the Chief Minister in this regard.

In view of the acute crisis in the agri sector following the mid-August floods, the banks decided not to impose SARFAESI Act on loans for one year. Therefore, there won't be any loan recovery proceedings for agri and non-agriculture loans taken by farmers till this December end. The SLBC also issued its nod for the government decision enhancing the upper limit for debt relief to Rs 2 lakh.

Announcing the decisions here, Agriculture minister VS Sunil Kumar said the SLBC was positive towards the government's suggestions in this regard. A special cabinet meet on Tuesday had decided to extend moratorium on loans for one year. The SLBC is also favourably considering the proposal to bring both public sector and commercial banks under the purview of the State Farmers' Debt Relief Commission.

Meanwhile opposition UDF has been unleashing a scathing attack on the ruling Left government for its failure to address the farmers' crisis. Opposition Leader Ramesh Chennithala is holding an one-day fast at Kattappana in Idukki - where seven farmers committed suicide - on Wednesday. The opposition leader demanded that the state government should write off the farmers' loans.

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