Telangana Asks Banks to Use Online Portal for Loan Sanctions

Hyderabad: The Telangana government has asked the banks to use the portal of land records when it comes to sanctioning the loans. This will eliminate the need of submission of pattadar passbooks by the farmers in the state.

In a meeting with the steering committee of the State Level Bankers’ Committee (SLBC) the Special Chief Secretary BR Meena stated that an ordinance was issued recently by changing the Records of Rights 1971.

He informed that now farmers don’t need to keep their passbook for getting agriculture crop loan as it is available online too. All revenue records are available online and claims can be verified by bank before sanctioning loans.

He said that loan charge should be recorded on the web portal of banks to stay away from multiple financing and to remove fake passbook threat. Over 20 banks have already started using the portal and others should also follow suit.

C Partha Sarathi, Secretary, Agriculture, asked banks to step up the renewal of crop loans. As per the data available, Rs 6,056 crore has been given so far under crop loans during the Kharif 2017 by banks covering 8, 35,748 farmers in the state. It was 25 percent target for Kharif this year.