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Maharashtra mandates private money lenders to display loan rates and licence info to curb exploitation of farmers amid rising suicide rates. MUMBAI: Given Maharashtra’s history of suicides among farmers – approximately 2700 to 2800 each year for the last seven to eight years – and growing complaints of extra interest rates being levied on farm loans followed by land grabs, the state government has devised a method to keep private money lenders in check. The state’s co-operation department has made it mandatory for the 12,000-odd private money lenders to display the details of their licence numbers and the interest charged on loans on a board outside their offices or shops, and has warned of strict action should they fail to comply.
MUMBAI: Given Maharashtra's history of suicides among farmers – approximately 2700 to 2800 each year for the last seven to eight years – and growing complaints of extra interest rates being levied on farm loans followed by land grabs, the state government has devised a method to keep private money lenders in check. The state's co-operation department has made it mandatory for the 12,000-odd private money lenders to display the details of their licence numbers and the interest charged on loans on a board outside their offices or shops, and has warned of strict action should they fail to comply.
There are more than 12,000 private money lenders registered under Maharashtra Money Lending (Regulation) Act 2014, who disburse a corpus of annual lending to farmers and people from the lower strata adding up to ₹1000 crore, annually. Loans are given for both agricultural and non-agricultural reasons, such as construction of houses, marriages of children etc, at varying interest rates.
Money lent to farmers at 9% interest comes with mortgaged land while without mortgage the loan is disbursed at 12% interest rate. According to the Act, non-farmers, such as labourers and small business holders, are charged 3% more than the rate applicable to farmers, which stands at 15% to 18% for mortgaged and non-mortgaged loans respectively.
Despite defined rules, the state government has routinely received complaints of exploitation of farmers by private money lenders, who purportedly loot them taking advantage of their illiteracy. Therefore, the co-operation department has issued the circular for money lenders to follow on June 2.
“The money lenders have been mandated to display the lending rates and licence numbers outside their offices on specified sized boards no later than June 15. The deputy district registrars (DDR) of the co-operation department have been asked to take action against the violations by the lenders,” said Praveen Darade, principal secretary, co-operation department.
DDRs have been asked to submit reports of compliance by the lenders in their district with photographic evidence. “The DDR will not renew the licences, which is mandatory every year, unless lenders adhere to the rules,” said another official from the department.
Money lenders who fail to comply by the rules or unregistered money lenders in business will face action. “The lending by anybody not holding a licence is illegal and will attract action under the Act. We have been getting complaints of land grabbing by such entities when farmers fail to repay their loans. Since the Act came into force in 2014, the government has given over 750 hectares of farm land back to the farmers grabbed by the lenders,” said another officer from the department.
The state government is also tweaking its order to delegate power at lower levels for effective action against the illegal lenders. “All districts have committees comprising collector, superintendent of police (SP) and DDR constituted to take stock of the complaints against the illegal lenders. Since the collectors and SPs are overburdened, we are asking them to delegate powers to their deputies such as additional collectors or additional SPs, and make them a part of the committees. It would help us in effective and speedy action against the illegal leaders,” the officer added.
Source: HindustanTimes
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