Parbhani DCC Bank Converts Farmers Insurance Money to FDs

Farmers insuranceWhile the state government is claiming that it would provide crop loan as well as insurance benefits to farmers in this fourth consecutive year of drought, the Parbhani district central cooperative bank has decided to convert farmers’ money, paid for group insurance, to fixed deposits worth Rs370 crore.

Slamming the move, Swabhimani Shetkari Sangathana district president Manik Kadam informed dna that the Parbhani DCC bank is depriving farmers of the insurance for which the state government has already paid.

He said when he approached the bank officials, they said the bank did not have adequate infrastructure to provide group insurance benefits to farmers.

Kadam said the Sangathana would soon stage protest demonstrations. Sangathana president and Lok Sabha MP Raju Shetti said, If the Parbhani DCC is not providing insurance benefits to farmers, we would have to resort to our style of agitation.

Meanwhile, cooperation minister Chandrakant Patil said if any bank was found to deposit money in crop loan accounts towards recovery, which is actually meant for crop insurance for this season, the state will take action against them.

He appealed to farmers that if the banks were not ready for loan restructuring despite the state government orders, they must complaint to district collectors.

Curated from Parbhani DCC bank converts farmers insurance money to FDs

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