RBI Should Agriculture Loans in Moratorium Resolution: Subramanian Swamy

BJP leader Subramanian Swamy urged Prime Minister Narendra Modi to give directions to Reserve Bank of India (RBI) to include agriculture and farm loans in the recent Resolution Framework for restructuring loan moratoriums.

In his letter Swamy pointed out that the recent circular issued by RBI directed the exclusion of agricultural and farm loans from the moratorium restructuring packages. This circular dated August 6 was presented to Supreme Court on the ongoing case on loan moratoriums by the Government of India. Swamy also urged Modi to take action against the officers who drafted these kinds of circulars which are against the interest of the farmers.

RBI’s Resolution Framework for Covid-19 on moratorium of loans says specially that loans to farmers and agriculture filed will not cover the moratorium package. In the ongoing case in Supreme Court, Government of India as Respondent has produced this backing the RBI to defend itself.