Banks Like Moneylenders Charge @ 21%-36% From Farmers #JaiKisan

On Short Term Crop Loans – BRIBES & Documentation cost and Interest cost 8% for average 3 months  Translates to 36+ Interest Rate on compounding.

 

On Short Term Loans – BRIBES & Documentation cost around 12% for average 2 Years, @ 14% is 40-45% Charge in 2 years or 21%+  Rate on compounding.

 

Banks Take Rs.1 Cr As Collateral For Rs.2 Lakh Loans UnlikeIndustry Which Invariably FUND More Than Project Cost Farmers REFUND Bank Loans As Soon As Possible.

 

Agriculture Credit FRAUD on 800m Farmers Short & Long Term

 

As Farmer’s agitations are coming up across India I is important to highlight FRAUD of Banking Credit to Indian Farmers which are Incompetently Represented in Lok Sabha & Rajya Sabha and mislead by rich Farming Leaders like Ajay Vir Jakhar.

 

Dimension of the Fraud is such that even RBI has not released data for four years.

 

Loans Issued Rs.4,53,800 Cr – Outstanding Growth Rs.13,785 cr

Long Term Loan Issued Rs.1,07,162 cr – Growth Rs.13,785 cr

 

Here in the tables for 2010-11 and 2011-12 it is Clear that Long Term Credit to 800m Farmers barely increased from Rs.2,05,755 Crores to Rs.2,19,540 Crores or Rs.13,785 Cr – Credit to Mukesh Ambani’ RIL alone this year went up from Rs.1,38,000 Cr to Rs.1,60,000 cr or Rs.22,000 cr.

 

Credit to 800m Indian Farmers – Short Term [Couple Months]

& Long Term for 2010-11 & 2011-12 [Rs. Billions]

Year2010-11	Loans Issued				Loans Outstanding
	Cooperative	SCBs	RRBs	Total	Cooperative	SCBs	RRBs	Total
1	2	3	4	5	6	7	8	9
Short Term	690.38	1460.63	385.60	2536.61	496.45	1932.62	406.63	2835.70
Long Term	90.83	767.29	54.05	912.17	270.29	1643.22	144.04	2057.55
Total				3448.78				4893.25

 

Year2011-12	Loans Issued				Loans Outstanding
	Cooperative	SCBs	RRBs	Total	Cooperative	SCBs	RRBs	Total
1	2	3	4	5	6	7	8	9
Short Term	818.29	2178.97	470.11	3467.37	445.17	2690.30	465.80	3601.27
Long Term	61.34	949.80	60.48	1071.62	280.28	1742.68	172.44	2195.40
Total				4538.99				5796.67

 

Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES & PROJECTS

Y-77, Hauz Khas, New Delhi-110016, India. Ph; 091- 9718280435, 9650421857

Ravinder Singh* is a WIPO awarded inventor specializing in Power, Transportation,

Smart City, Water, Energy Saving, Agriculture, Manufacturing, Technologies & Project