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LATEST NEWS UPDATES | TN sees demonetisation shadow over food output

TN sees demonetisation shadow over food output

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published Published on Nov 17, 2016   modified Modified on Nov 17, 2016
-The Hindu

In its first reaction, State govt. says disbursement of crop loans severely hit

Chennai:
Reacting to the demonetisation-triggered crisis for the first time, the Tamil Nadu government on Wednesday said that disbursement of crop loans to farmers through primary agricultural co-operative credit societies has been affected and it would severely affect food production in the State.

The government was “unable” to give new loans to farmers for samba cultivation which accounts for a major chunk of the State’s food production, an official release stated, adding that a meeting to discuss the situation was chaired by Cooperation Minister Sellur K. Raju in the Secretariat on Wednesday.

Crop loans have been given only to the tune of Rs. 2,075 crore as of November 7 this year, as against the annual target of Rs. 6,000 crore, it said, adding the Reserve Bank of India’s (RBI) announcement “not only disturbed the efforts to meet the target in terms of crop loans disbursement but would also affect the food production in Tamil Nadu”.

As most of the farmers in rural areas had accounts in primary agricultural co-operative credit societies, payment of loans and collection of dues were severely affected as Rs. 500 and Rs. 1,000 notes could not be deposited here unlike branches of the nationalised banks, the government noted.

Though the State government ensured that fixed deposits in credit societies increased from Rs. 26,247 crore in 2011 to Rs. 54,914 crore this year, new deposits could not be made due to demonetisation.

Supply of fertilisers and seeds in all the 4,474 primary agricultural co-operative credit societies has been affected and other services like issuance of birth and death certificates have been severely affected leading to loss of revenue.

The banking services of 23 district central co-operative banks and their 813 branches, which cater to several lakh customers, were also severely affected. Farmers were also not able to repay their loans, it added.

The Hindu, 17 November, 2016, http://www.thehindu.com/news/cities/chennai/tn-sees-demonetisation-shadow-over-food-output/article9354886.ece?homepage=true


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