BUDGET-20-21:PROPOSAL TO GIVE 15 LAKH CRORE AGRI.LOANS THROUGH NBFC IS SCAM-KISHORE TIWARI
Dated -3 feb.2020
Shiv Sena leader Kishore Tiwari and
farm panel chief of Maharashtra govt. has strongly objected fresh
proposal of Finance Minister Nirmala Sitharaman to expand the NABARD refinance
scheme to cover NBFCs and cooperatives sector bypassing Indian PSU Banks this
is another attempt to fuel present agrarian crisis in the india as role of NBFC
and cooperative is more exploitive like private moneylender with RBI-NABARD
protection and this is giving 15 lakh crore revival package in the name of the
farmers to mostly NBFC and corporative who under who are bankrupt and their agriculture and
SHGs lending is matter of larger discussions
in parliament . this agricultural credit target for 2020-21 of
Rs 15 lakh crore giving to NBFC and
coopretive is another scam ,kishore tiwari allged
Earlier Kishore Tiwari on Saturday termed
finance minister Nirmala Sitharaman's 16-point action plan for agriculture in
Budget 2020-21 as an eyewash.as Union budget did not provide any solution to
address core issues related to cost, crop, credit and risk management.
"The agrarian sector is in
crisis with farmers committing suicide. This is an outcome of wrong policies
adopted in banking, import-export, development, infrastructure and
environmental sectors," as issues
such as minimum support price (MSP) for cotton and soybean, new crop loans, new
technology, financial assistance for farm widows and higher education for their
wards were not addressed in the budget, tiwari said.
FM Budget measures for Indian farmers. Among many
schemes, the minister has increased the limit of credit that can be granted to
farmers to Rs 15 lakh crore for the next financial year. “Non-banking Financial
Cooperatives (NBFCs) is hostile attempt to use National Bank for Agriculture and Rural
Development (NABARD) provides funding for all agriculture-related activities
and for rural development by ignoring india’s state owned PSU banks which RBI regulated where as
NBFC are privately owned and controlled by
corrupt politician hence this ill motivated move
by the smart salesman finance minister to give expansion of the existing partial credit
guarantee scheme, first announced last year, to cover securities issued by
NBFCs without having regulator ,moreover in another hostile attempt FM also relaxed the eligibility of NBFCs for
debt recovery under the Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act 2002 from Rs 500 crore to Rs 100 crore
for asset size and from Rs 1 crore to Rs 50 lakh for loan size this will be
havoc ,Tiwari said.
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