Recovering loans, DK DC directs to use ’no force’

Recovering loans, DK DC directs to use ’no force’

Mangalore Today News Network

Mangaluru, July 20, 2015: With increasing farmers’ suicides in the State, DK DC  Adoor B Ibrahim has directed District Central Cooperative (DCC) bank officials to follow persuasive methods for loan recovery and suggested not to give police complaint against any farmer.

Addressing a meeting of bank and department officials at Deputy Commissioner’s office, DC said  Chief Secretary has ordered the regional committee headed by Assistant Commissioner to investigate the reason behind farmers’ suicide within 15 days.

Three cases of farmers’ suicide were registered in the district. However, Puttur Assistant Commissioner has found that the deaths were not related to any agriculture problem.  The recent death registered at Uppinangady on July 12 is being reviewed. Till date no farmer committed suicide in the district. Except rubber, prices of areca nut and coconut have been increased this year, he said.

24x7 control room  :  DK Superintendent of Police Dr S D Sharanappa said as per the direction of Inspector General of Police, police have opened a 24x7 control room to tackle the woes of farmers in the district.  If anyone distributes loan on weekly or monthly interest, if anyone tries to recover loan by force or if they find unlicenced money lenders they can call to 0824 2440284 or 948080 5300 to file complaint against them. 

The Additional Superintendent of Police has been appointed as the nodal officer for the section. ooperative Societies Deputy Registrar said there are around 320 money lending companies in the district, including around 100 in the city.  The department has issued notice to around 50 money lenders to renew their licences.   Two raids have been conducted in Puttur, including a lender who distributed money with 18 per cent interest.

Those who have permission under Money Lenders Act, The Karnataka Pawnbrokers Act, The Chit Funds Act and The Karnataka Prohibition of Charging Exorbitant Interests Act, licenced money lenders can distribute loans for secured with 14 per cent interest and for non-secured with 16 per cent interest.  They have to display their address, per cent of interest, licence copy in their office. They have to maintain a pass book and give receipt to their customers.