Farmers in Srivilliputtur, led by the Tamilaga Vivasayigal Sangam, protested against cooperative banks’ insistence on credit scores for availing crop and cattle loans.
The protest, held outside the Deputy Registrar of Cooperatives’ office, highlighted concerns over the rejection of loan applications due to low CIBIL scores.
President N.A. Ramachandra Raja questioned why credit scores were required when crop loans up to Rs 2 lakh are allowed without collateral as per RBI’s 2024 directive.
He argued that cooperative banks shouldn’t penalize members for availing loans from nationalized banks. Farmers were also being asked to pay Rs 120 for obtaining their credit reports.
