Reduction in NABARD loan to state, injustice to farmers: Karnataka CM Siddaramaiah

New Delhi [India], November 21 (ANI): Expressing displeasure at the Central Government over the alleged drastic cut in loans from the National Bank for Agriculture and Rural Development (NABARD) to Karnataka, Chief Minister Siddaramaiah said "If this was not an injustice being done to the farmers."
In a post on X, CM wrote, "NABARD has halved the loan amount so we have to go to commercial banks. Commercial banks charge 10 to 12% interest. Isn't this unfair to the farmers? I wrote a letter to the Prime Minister @narendramodi and Union Finance Minister regarding this, and the Minister also wrote a reply saying that RBI has not agreed to this. NABARD is functioning under the Central Govt. What if the Union Minister expressed his helplessness?
"In NABARD last year Rs 5,600 crore was given for short-term loans, this year they have given Rs 2,340 crore. 3,220 crores Rs have been deducted. A reduction of 58% is a betrayal of the farmers. NABARD lends at an interest rate of 4.50 per cent. If we take the figures for 5 years, it is Rs 5,000 crores. Lending always increases, not decreases. Cut off for all states. This was explained in a meeting with Union Finance Minister Nirmala Sitharaman," he added further.
How can you give less now if you have given more for six years? 5 lakh interest-free loan from our government. 4.50 per cent Interest Paying Our Government Long Term and Medium Term Loans from 5-15 Lakhs are being offered at 3 per cent interest rate. We give more than 1200 crores interest. About this R. Ashok, BS Yeddyurappa, Yatnal, C. T. Ravi, H. D. Kumaraswamy, B Y The chief minister quipped that Vijayendra would not speak.
Earlier, in the day Siddaramaiah also met Nirmala Sitharaman here and requested her to direct the NABARD and RBI to enhance the limit for Short Term Agricultural Loans for the year 2024-25 in the interest of farmers and ensure help in normal food grains production in the state. (ANI)