Nashik Dist Co-op Bank’s seizure notice to farmers

The Nashik District Central Cooperative (NDCC) Bank in Maharashtra has sent seizure notices to thousands of farmers for defaulting on loans, reports Times of India.

The bank has prepared a list of 73,000 farmers who have defaulted in repaying their loans amounting to whopping Rs 1,100 crore by March 2014.

A bank official is quoted as saying “The financial condition of the banks is not good as farmers did not repay their loans with a hope that they would get a waiver from the state government.

The loan repayment by farmers till March-end is only 6%. Hence, we have no option, but to make recovery of dues from the defaulting farmers, he added.

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