KGF’s appeal to Finance Minister
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Karnataka Growers’ Federaton, an organisation of espresso planters in Hassan, Chikkamagaluru and Kodagu, has appealed to Union Finance Minister Nirmala Sitaraman to instruct banks to restructure the loans.
A delegation of the federation led by president H.T. Mohan Kumar, secretary K.B. Krishnappa, Lok Sabha member Tejaswi Surya, and former MLA H.M. Vishwamanth met the Minister and submitted the memorandum on Friday.
The planters mentioned the Reserve Bank of India had instructed the nationalised and personal banks to restructure mortgage accounts within the wake of pure disasters. However, a number of banks have been hesitant to accomplish that.
The delegation demanded that the loans associated to espresso cultivation be stored out of the ambit of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Otherwise, the planters would proceed to lose their land as many had been getting demand notices and possession notices below this Act.
Maintaining that the present rate of interest on crop mortgage was excessive, the delegation urged the Minister to deliver it down to 3% for the previous and future loans. The Fasal Bima Yojna ought to be relevant to espresso as properly, they mentioned.
Further, they urged the Minister to announce a bundle for espresso planters on the strains of the one introduced for micro, small and medium enterprises.
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