Famers protest against new rule of cooperative societies insisting on CIBIL scores to give farm loans
The protest call was given by Tamilaga Vivasayigal Sangam. Besides, its president N.A. Ramachandra Raja, members of Primary Agricultural Cooperative Credit Societies P. Ammaiyappan and A. Vijayamurugan took part in the protest held in front of the office of Deputy Registrar of Cooperatives.
Mr. Ramachandra Raja said that cooperative banks have been directed by the Reserve Bank of India in 2024 that any crop loan upto ₹2 lakh to the members should be given without any collateral.
'The maximum crop loan a member could get is only ₹3 lakh. However, when the loan amount exceeded ₹2 lakh, the farmers have to give collateral for the entire crop loan,' Mr. Ramachandra Raja said.
Stating that when the members are giving collateral for higher amount of loans and no collateral is required for loans upto ₹2 lakh, he wondered why was the Cooperative societies insisting on CIBIL score.
He said that loan applications of several members had been rejected due to lower CIBIL score.
'This is because the members could have got loans from any nationalised banks for their other domestic needs like education loan or other loans. Why should the cooperative banks be bothered about loans got from other banks?' he asked.
Besides, the members were asked to pay ₹120 towards fetching CIBIL score.
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