71,432 farmers owed Rs 1363.87 cr to Pb Agri Development Bank

As many as 71,432 farmers owed

an amount of Rs 1,363.87 crore to Punjab Agriculture Development Bank when the recovery campaign for Rabi-2018 was launched in April this year, a bank official said.

"In the beginning of recovery campaign for Rabi-2018 which started in April, the total number of defaulters in Punjab was 71,432, against whom an amount of Rs 1,363.87 crore was due," the official said here today.

He further said that out of the total amount which the farmers owed, the bank has effected recovery of Rs 194.74 crore from 16,469 farmers. The recoveries were made between the April-June period and the bank has not sold the land of even a single farmer, he said.

 

He stressed that the bank never harasses a farmer who is in distress to make recoveries.

"Bank has never harassed any loanee who is in real distress. The bank never adopts inhuman approach," he said while denying that there was any move to sell agriculture land of farmers to recover pending dues.

While bank tries to persuade all loanees to pay up, however, wilful defaulters and big farmers who are not paying in spite of their capacity to do so remain on radar.

"The primary aim of the bank which came into existence nearly six decades back was to liberate the farmers from the clutches of the Commission Agents, who used to advance them money at a very high rate," he said.

"It is categorically denied that the bank intends to sell the land of 12,625 farmers in six districts ... Initiating legal action against the defaulters is a routine banking practice across all the banks, but merely initiating legal action does not mean that bank will ultimately sell the land of farmers," the bank said in a statement while referring to some media reports.

The statement further said that the bank primarily effects recovery by way of persuasion and never harasses a farmer in distress.

"But there are many wilful defaulters who in spite of various efforts and ample time being given to them, have not bothered to repay their loan instalments even when they have the capacity to repay.

"Legal recourse to effect recovery like sale of land and/or arbitration proceedings under Section 63-C of Punjab State Cooperative Societies Act, 1961, which can mature into arrest warrants is taken as a last measure, which is taken to its logical end only against big and influential defaulters," the statement said.