KOLAR: The demand for the revival of Kolar District Central Cooperative Bank, popularly known as DCC Bank, is gaining momentum. The bank is under bankruptcy from alleged misappropriation of funds, and because of this farmers face problems in availing fresh loans. Farmers in both Kolar and Chickballapur districts are suffering because of the ailing bank.
A large number of farmers in Kolar district did not benefit by the loan and interest waiver scheme of the erstwhile Janata Dal (Secular)- Bharatiya Janata Party coalition government. Whether the bonanza announced for the farming community in the Union Budget 2008-09, too, will help the farmers of the region is unknown since no fresh farm loans were disbursed either by DCC Bank or Primary Agricultural Credit Cooperative Societies (PACCS) due to non-availability of refinancing.
The farmers in this perennially drought-hit region are in the brink of indebtedness. Since the agricultural financing institutions are not able to help them, farmers have to rely on private moneylenders in rural areas. Exorbitant interest rates levied by these ‘financiers’ has been an unbearable but inevitable curse.