Farmers protest RBI's regulations on gold loans
Protesters led by Desiya Thenidhiya Nathigal Inaippu Vivasayigal Sangam leader P Ayyakannu later blocked district collector Pradeep Kumar's car while entering the collectorate. The collector immediately got out of the car and received the petition from them. Farmers expressed 'deep concern' over the rules, which they said would push them towards financial despair.
The petition sought old purchase receipts and proof of purity for pledged ornaments.
"Expecting farmers to produce 20-year-old receipts is unrealistic. These restrictions are forcing farmers into desperation," Ayyakannu said.
The petition also highlighted the changes to the Kisan Credit Card (KCC) scheme. "Until last year, loans up to 3 lakh were given at 7% interest, with a 3% subsidy on timely repayment. Now, banks refuse to renew loans if only interest is paid," it read. The protesters also questioned why banks ignored an RBI order from Dec 2024 that allowed collateral-free loans up to 2 lakh. The petition also hit out at the govt for waiving 24 lakh crore in corporate loans while denying fair support to farmers.
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