Farmers in Madikeri find relief from land auctions through one time settlement scheme

Published On : 2024-11-16T14:14:27+0530 [ IST ] | Author : Mayur_Tembhare
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Farmers facing the threat of land auctions at Balele National Bank found relief through the One Time Settlement (OTS) scheme which resolved cases where interest had exceeded the principal loan amount.

Two decades ago 21 farmers took loans by pledging their land, homes and estates to nationalized banks.

However poor harvests delayed loan repayments due to heavy rainfall and the COVID-19 pandemic. The accumulated interest, including compound interest and additional charges eventually exceeded the original borrowed amount.

When bank officials initiated land auction proceedings distressed farmers sought assistance from the Kodagu Farmers Association.Kodagu Farmers AssociationDistrict President Kadyamada Manu Somaiah staged a 20-day protest outside the Balele village bank opposing the planned

Subsequently senior bank officials engaged with farmer representatives and conducted meetings to find a resolution. Ultimately they offered a one-time loan settlement scheme with reduced interest rates.

As a result of these negotiations all 21 farmers successfully cleared their debts by accepting the settlement terms.

Source : Reporters From Sunrise Chronicles

Tags : Farmers , two , bankbalele national bank found relief , Kadyamada Manu Somaiah , Balele , settlementbalele village bank , loan21 farmers successfully cleared , 21bank officials initiated land auction proceedings , timeprincipal loan amount , Subsequently ,

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