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.