Banks must protect govt incentive funds from loan deductions: Melukote MLA
Mandya: Melukote MLA Darshan Puttannaiah urged that bank managers write to their central offices requesting the installation of software that prevents govt incentive funds from being deducted for loan repayments.
Once a loan is taken from a bank, the EMI amount is automatically deducted from the account on the scheduled date each month, he said.
Speaking at a meeting with various bank managers at the DC's office here, he said when the govt provides incentive funds to farmers or citizens, and they are automatically adjusted towards loan EMIs, people have to visit the bank and request a reversal to their subsidy accounts. However, only about 3% of the population have the capacity to approach banks and raise such issues, which is why a software solution is essential.
He emphasized that banks function because of customers. Many poor farmers in rural areas are bank customers, and bank staff must treat them with respect.
Deputy commissioner Kumara said various govt-provided benefits—like social pensions, milk incentives, Anna Bhagya, Gruha Lakshmi funds, MGNREGA wages, and crop loss compensation—should not be deducted for loan repayments, out of humanitarian concern. He urged the bank staff to communicate in Kannada, especially since Mandya is a district of farmers. Though many bank officials and managers know Kannada, they often speak in English or Hindi.
This attitude must change, he said.
He also pointed out the scheme that offers a 3% interest rebate to farmers who repay their crop loans within the stipulated time, and asked the banks to make farmers aware of this benefit.
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