RBI’s Resolution Framework for Covid-19 on moratorium of loans (DOR.No.BP.BC/3/21.04.048/2020-21 dated August 6, 2020 ) says especially that loans to farmers and agriculture filed will not cover the moratorium package. In the ongoing case in Supreme Court, Government of India as Respondent has produced this backing the RBI to defend itself.
“The Annexure to this notification states vide Para 2 b and c that farm credit and Loans to Primary Agricultural Credit Societies (PACS), Farmers’ Service Societies (FSS) and Large-sized Adivasi Multi-Purpose Societies (LAMPS) for on-lending to agriculture will not be covered by this Resolution Framework. This means that farmers and similarly vulnerable segments of society are excluded from the benefit of this Resolution Framework in the moratorium package sanctioned due to Covid-19 pandemic,” Swamy pointed out on the anomalies in the RBI’s circular which does not include the farm and agricultural loans from the moratorium restructuring scheme. Swamy’s detailed letter is published below this article.
Swamy urged the PM to give instructions to Finance Ministry and RBI to include the farm and agricultural loans in the moratorium package. “As the matter is before the Supreme Court and listed for hearing on September 10, this requires urgent attention from Government which stands committed to farmers’ welfare first and foremost. I must also urge you to find out who is behind issuing of such circulars or not applying mind whie issuing circulars,” said SwamY
No comments:
Post a Comment