Cooperative banks in Madurai district of Tamil Nadu are likely to put farmers’ jewels pledged with banks under the hammer.
It has become unavoidable, as farmers have defaulted on their jewel loans. It is being said drought-like climatic conditions had ruined agricultural economy in this part of the state in the past couple of years.
The situation has made farmers are unable to repay loans. However, officials have insisted on farmers paying money due to banks to avoid auction of their jewels.