Change in default law to shield farmer land

.....The chief minister said the notices were in violation of RBI guidelines. “There is a guideline of the Reserve Bank of India that properties can be confiscated if one fails to repay loans of more than Rs 5 lakh. But in this case, the farmers had taken loans worth Rs 80,000-90,000. We will amend the act,” she said. Banks usually do not demand collateral for priority sector loans below Rs 5 lakh. However, co-operative bank officials said rural co-operative works do not operate under RBI guidelines. Such banks are governed by the West Bengal Co-operative Societies Act, which does not mention a threshold amount below which attachments cannot be carried out, an official said.......

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