Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Usurers cash in as bank loans to farmers dry up -Bhavika Jain    </title>
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-The Times of India

MUMBAI: Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides,..."/>
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-The Times of India

MUMBAI: Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides,..." />
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    <h1 class="cat-box-title">Usurers cash in as bank loans to farmers dry up -Bhavika Jain</h1>
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides, there are restrictions on district cooperative banks (DCCBs).<br /><br />Officials said the crisis gave moneylenders an opportunity to get rid of defunct notes as loans were disbursed in old notes and they will be paid back in new notes. The rate of interest levied by moneylenders ranges from 24% to 120% per annum as against the 9-15% charged by banks.<br /><br />Of the amount disbursed, Rs 857 crore was from DCCBs and the rest from commercial and private banks. Sowing has been 120% of last year, and on 92% of the average area available for the rabi crop, which prompted increased borrowings.<br /><br />The state government had allowed farmers to buy seeds and fertilisers using Rs 500 and Rs 1,000 notes, which helped moneylenders even more. &quot;The area under rabi cultivation has gone up despite the small amount of bank loans being disbursed. This has meant that funds have been provided from sources outside the formal banking sector,&quot; said an official from the cooperatives department. Demonetisation was announced around the time sowing had just picked up in Maharashtra.<br /><br />Please <a href="http://timesofindia.indiatimes.com/india/usurers-cash-in-as-bank-loans-to-farmers-dry-up/articleshow/56281580.cms" title="http://timesofindia.indiatimes.com/india/usurers-cash-in-as-bank-loans-to-farmers-dry-up/articleshow/56281580.cms">click here</a> to read more. <br /></div>                                                           
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides, there are restrictions on district cooperative banks (DCCBs).<br /><br />Officials said the crisis gave moneylenders an opportunity to get rid of defunct notes as loans were disbursed in old notes and they will be paid back in new notes. The rate of interest levied by moneylenders ranges from 24% to 120% per annum as against the 9-15% charged by banks.<br /><br />Of the amount disbursed, Rs 857 crore was from DCCBs and the rest from commercial and private banks. Sowing has been 120% of last year, and on 92% of the average area available for the rabi crop, which prompted increased borrowings.<br /><br />The state government had allowed farmers to buy seeds and fertilisers using Rs 500 and Rs 1,000 notes, which helped moneylenders even more. &quot;The area under rabi cultivation has gone up despite the small amount of bank loans being disbursed. This has meant that funds have been provided from sources outside the formal banking sector,&quot; said an official from the cooperatives department. Demonetisation was announced around the time sowing had just picked up in Maharashtra.<br /><br />Please <a href="http://timesofindia.indiatimes.com/india/usurers-cash-in-as-bank-loans-to-farmers-dry-up/articleshow/56281580.cms" title="http://timesofindia.indiatimes.com/india/usurers-cash-in-as-bank-loans-to-farmers-dry-up/articleshow/56281580.cms">click here</a> to read more. <br /></div>                                                           
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MUMBAI: Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides,..."/>
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-The Times of India

MUMBAI: Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides,..." />
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    <h1 class="cat-box-title">Usurers cash in as bank loans to farmers dry up -Bhavika Jain</h1>
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides, there are restrictions on district cooperative banks (DCCBs).<br /><br />Officials said the crisis gave moneylenders an opportunity to get rid of defunct notes as loans were disbursed in old notes and they will be paid back in new notes. The rate of interest levied by moneylenders ranges from 24% to 120% per annum as against the 9-15% charged by banks.<br /><br />Of the amount disbursed, Rs 857 crore was from DCCBs and the rest from commercial and private banks. Sowing has been 120% of last year, and on 92% of the average area available for the rabi crop, which prompted increased borrowings.<br /><br />The state government had allowed farmers to buy seeds and fertilisers using Rs 500 and Rs 1,000 notes, which helped moneylenders even more. &quot;The area under rabi cultivation has gone up despite the small amount of bank loans being disbursed. This has meant that funds have been provided from sources outside the formal banking sector,&quot; said an official from the cooperatives department. Demonetisation was announced around the time sowing had just picked up in Maharashtra.<br /><br />Please <a href="http://timesofindia.indiatimes.com/india/usurers-cash-in-as-bank-loans-to-farmers-dry-up/articleshow/56281580.cms" title="http://timesofindia.indiatimes.com/india/usurers-cash-in-as-bank-loans-to-farmers-dry-up/articleshow/56281580.cms">click here</a> to read more. <br /></div>                                                           
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Usurers cash in as bank loans to farmers dry up -Bhavika Jain

Published on Jan 2, 2017   Modified on Jan 2, 2017

-The Times of India MUMBAI: Demonetisation seems to have helped private moneylenders in Maharashtra. Of the Rs 13,558 crore of loans required for the rabi season, banks could disburse only about Rs 2,400 crore (18%), due to shortage of cash. Besides, there are restrictions on district cooperative banks (DCCBs). Officials said the crisis gave moneylenders an opportunity to get rid of defunct notes as loans were disbursed in old notes and they will be paid back in new notes. The rate of interest levied by moneylenders ranges from 24% to 120% per annum as against the 9-15% charged by banks. Of the amount disbursed, Rs 857 crore was from DCCBs and the rest from commercial and private banks. Sowing has been 120% of last year, and on 92% of the average area available for the rabi crop, which prompted increased borrowings. The state government had allowed farmers to buy seeds and fertilisers using Rs 500 and Rs 1,000 notes, which helped moneylenders even more. "The area under rabi cultivation has gone up despite the small amount of bank loans being disbursed. This has meant that funds have been provided from sources outside the formal banking sector," said an official from the cooperatives department. Demonetisation was announced around the time sowing had just picked up in Maharashtra. Please click here to read more.

The Times of India, 2 January, 2017, http://timesofindia.indiatimes.com/india/usurers-cash-in-as-bank-loans-to-farmers-dry-up/articleshow/56281580.cms

Tagged with: cash crunch cash deficit Cash shortage Crop Loans Currency demonetisation Demonetisation Moneylenders Bank Credit Bank Loans

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