Banks Offer One-Time Settlement Scheme For Farmers

After being rapped on the knuckles by the High court for not doing enough to help the poor farmers, the Punjab government has introduced a one-time settlement scheme( OTS) with regard to the recovery of dues from defaulter farmers who had secured loans from cooperative banks.

The highest number (42,368) of defaulter farmers and others concerned is in Ferozepore division that covers the cotton belt of the Malwa region. The largest number of cases of suicide by farmers has been reported from that belt. Though the number of defaulter farmers in Patiala division is only 5,341, the total dues against them total Rs 405 crore.

An interesting feature of the OTS is that the District Cooperative Agriculture Development Banks in the districts will offer to return the land of those farmers from whom they had bought the same at auction to recover dues. Farmers would be given an opportunity to buy back their land provided they clear the dues determined under the OTS.