Even as bankers in Punjab seek widening of the ceiling of Debt Swap Scheme to Rs 100,000 to help debt- ridden farmers, Reserve Bank of India (RBI) on Wednesday said the matter should be taken up with Indian Banks' Association (IBA).
"We have no issue... the matter (raising ceiling under Debt Swap) should be taken up with IBA," RBI Regional Director Jasbir Singh on Wednesday said during the State Level Bankers' Committee of Punjab.
Punjab National Bank, which is the convener of SLBC in Punjab, last month had urged RBI to consider the demand for raising the ceiling of Rs 50,000 under Debt Swap Scheme to Rs 100,000, with the intention to free state farmers from the clutches of money lenders.
Bankers had pointed out the low ceiling of Rs 50,000 was one of the reasons behind the failure of Debt Swap Scheme in the state.
"In many cases, farmers have taken loans in excess of Rs 50,000 from money lenders, which deprive them of availing the debt swap scheme," bankers said.
Punjab Government had raised this matter with the Finance Minister Pranab Mukherjee during the meeting with Chief Ministers of northern states and CEO's of public sector banks in the month of July this year.
Debt Swap Scheme has a mandate to swap farmers' debt taken from moneylenders with fresh credit in order to bring them out of their clutches.
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