Farmers’ cooperative floats unique loan waiver scheme
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In a unique loan waiver scheme launched for farmers, Sirsi-based Totagars’ Cooperative Sale Society Ltd. (TSS) has established ‘runa mukta nidhi’, a reserve fund to waive the loans availed of by its farmer-members.
Initially, loans as much as ₹5 lakh will likely be waived in case the loanee farmer dies. The scheme just isn’t relevant in case the farmer commits suicide. The annual basic physique assembly of the society, held just lately, accredited the scheme, basic supervisor of the society Raveesh A. Hegde, who can be one in all is administrators, advised The Puucho.
He mentioned the society would accumulate ₹500 per ₹50,000 minimal loan quantity because the contribution of the farmer in the direction of the reserve fund. The society will contribute an equal quantity to the fund. The higher restrict of the contribution quantity to be deducted from a farmer has been fastened at ₹5,000. It implies that if a member avails of ₹6 lakh and extra as loan, the contribution which will likely be deducted in the direction of the fund will likely be solely ₹5,000 and no more than that.
“We are planning to extend the loan waiver limit from ₹5 lakh to ₹10 lakh after some months,” he mentioned. “Such a loan waiver scheme is being implemented in a cooperative society in Karnataka for the first time,” Mr. Hegde mentioned. The 97-year-old society in Uttara Kannada has 30,000 farmers as members.
In one other main initiative, the society will procure tender and uncooked arecanut from farmers from the doorstep and course of, dry, grade them, and return (to farmers). In case the farmers need to deposit or retailer their produce within the warehouse of the society, they will accomplish that.
The initiative will assist many farmers who’re going through acute scarcity of labourers required for the post-harvest processing, which is essential for sustaining the standard of the produce, Mr. Hegde mentioned.
Henceforth, the society will lengthen 100% medical bills’ reimbursement scheme to all farmer-members’ households. So far, it was restricted to solely farmer-members and farm labourers, he mentioned.
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