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BoI worried as dairy farmers default
Dairy industry is a lucrative business and banks give loans to farmers to take it up. In Nalgonda district, however, the Bank of India (BoI) has disbursed dairy loans to all and sundry but not to deserving dairy farmers.
Hyderabad: Dairy industry is a lucrative business and banks give loans to farmers to take it up. In Nalgonda district, however, the Bank of India (BoI) has disbursed dairy loans to all and sundry but not to deserving dairy farmers.
Thanks to the nexus between bank managers and influential people in villages, the BoI stands to lose about Rs 5 crore as 90 per cent of the beneficiaries have stopped paying monthly installments.
A total of 31 loans were given to different people, out of which 10 loans were given to one Srinivasulu and brothers of Mukhamula village amounting to about Rs 1 crore. The present branch manager of BoI, Nalgonda says that they have not been paying the installments for the last six months.
The loans were sanctioned with back dates but processed and disbursed after the branch managers of Nalgonda and Pedamunagal branch. According to sources, the disbursement of loans were done by the branch managers with the help of Chauhan, zonal manager, Kapil, chief manager, in-charge of loans, zonal office.
On a visit to the villages on Thursday, it was noticed that most of the beneficiaries did not have a cattle shed and there was no trace of animals. A loan was also given to S V Milk and Milk Products which runs a chilling plant. The plant has a capacity of 12,000 litres but at present, it was supplying only 1,000 litres.
Senior bank officials say that the managers are in connivance with top officials of the bank and gave away loans to people making them believe that the loans would be written off. Bogus loans were sanctioned and bank money was siphoned off.
Repeated attempts to contact BoI top brass proved futile but The Hans India has the details of all the 32 loans that were given in 2011.
A senior official at the Nalgonda branch on the condition of anonymity said that when inspections were done in the villages not even a single beneficiary had set up sheds and was into dairy business. “It is just a tip of the iceberg. There are several other scams that are hidden.
The farmers who deserve the most do not get the loans but influential people with political connections manage to take loans and not repay.”
The loans were given with top officials at Hyderabad and branch managers of Nalgonda and Pedamungala branch.
