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The South Canara District Central Cooperative (SCDCC) Bank has urged the Karnataka government to extend the repayment period for loans taken by farmers in the district. The bank has made the request in light of the difficulties faced by farmers following the demonetisation of ₹500 and ₹1,000 currency notes in the country.
Speaking at the 63rd all-India cooperative week celebrations in Mangaluru on Friday, M.N. Rajendra Kumar, president of SCDCC Bank, said the repayment period for loans due at primary agricultural societies (PACs) as on November 8 and after that should be extended.
Most of the farmers have accounts at PACs, and they were finding it difficult to repay the loans following demonetisation.
Many farmers come to PACs for exchange of currency notes also. Since cooperatives are not registered with the RBI, they cannot carry out banking transactions.
This is creating problems for farmers. In such a situation, the state government should take steps to extend the repayment period for them, he said.
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