Maharashtra CM Devendra Fadnavis urges RBI to stop aggressive loan recovery by microfinance firms, announcing Rs 5,000 in direct aid for drought-hit farmers ahead of the Diwali festival to provide immediate financial support and stability.
RBI Intervention on Loan Recovery
Maharashtra Chief Minister Devendra Fadnavis said that the state government has talked to the Reserve Bank of India (RBI) to stop microfinance companies from forcibly recovering loans from farmers. Addressing the press after a state cabinet meeting, CM Fadnavis said, “For loan recovery also, we have talked to the RBI that forcible recovery from farmers by microfinance companies should be stopped.”
Drought Relief Measures
As farmers in Maharashtra face a drought situation, he reiterated that the government has announced Rs 5,000 for relief for farmers during Diwali, and has approved Rs. 1.5 lakh crore for this. “We have approved funds of about Rs. 1.5 lakh crore for the relief of farmers. Farmers will get Rs. 5,000 as relief during Diwali. In two days, the money will start reaching the farmers’ accounts,” he said.
Nanded Incident and Police Action
This comes in the backdrop of a 40-year-old farmer being found dead at the office of a private finance company in Maharashtra’s Nanded district, three days after he was allegedly kidnapped by recovery agents over loan dues, according to his family and villagers. Speaking to ANI, Nanded Superintendent of Police Nilabh Rohan said police had arrested five accused in the case.
Deputy CM Statement on Financial Assistance
Earlier today, Maharashtra Deputy Chief Minister Eknath Shinde said the government would provide farmers with the benefits available following the declaration of drought, in addition to the immediate financial assistance of Rs 5,000. “After a drought was declared, 12 kinds of benefits provided to them will certainly be provided to farmers, which they always get – fee waiver, arrangement for water, loan reorganisation, ease of loan recovery. But besides this, the Govt had also decided to provide them Rs 5000 as immediate help,” Shinde told ANI.
He said a provision of Rs 7,500 crore had been made for the assistance and the money would be transferred directly to farmers’ accounts. “A provision of Rs 7500 Crores has been made; the money will be transferred to their accounts immediately. Farmers will get money before Diwali. We will not let farmers’ Diwali turn dark,” the Deputy CM said.
Maharashtra Minister Nitesh Rane also said, “Our government has taken a historic decision that no other state has made so far. The Devendra Fadnavis government has approved assistance of up to Rs 5,000 for farmers, with the cabinet clearing the decision today. Farmers will receive it before Diwali.” (ANI)
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