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Reports have appeared in The Times of India dated 9th May, 2005 that banks are demanding sureties, collateral security or bills of purchased goods from Tsunami victims in getting loans for Boats, Nets and other Fishing accessories. The report further states that some fishermen are not sure that they will be able to earn enough to repay their loan; that there is also lack of uniformity in loan procedures at banks; and that fishermen have lost everything and have nothing to put up as security.
Ministry of Finance wishes to clarify the position and place the correct facts before the people.
The Rajiv Gandhi Rehabilitation Package for Tsunami victims is being implemented in right earnest. Bank branches in Tsunami affected areas of Tamil Nadu have received the subsidy cheques on behalf of the affected fishermen from District Administration/Fisheries Department. The Indian Overseas Bank (IOB) branches in Tamil Nadu have received 560 subsidy cheques with an amount of Rs.220.50 lakh. The beneficiaries who have received the subsidy cheques are being contacted by the bank branches concerned for getting loan applications under the scheme. The Indian Bank (IB) has disbursed 213 new loans for a total amount of Rs 603.50 lakhs under the Rajiv Gandhi Rehabilitation Package. The guidelines/provisions of the Scheme stipulate that the accounts shall be opened as joint accounts in the names of the Assistant Director of Fisheries and the beneficiary. The feedback received from the branches indicates that many of the beneficiaries are anticipating/ requesting the bank to make cash disbursements, which is not permissible, and hence holding back the loan applications.
The Regional offices of IOB and IB are keeping in touch with the Department of Fisheries/District Administration for sponsoring of the loan applications from the affected fishermen in respect of whom subsidy cheques have been issued, with necessary attestation/certification etc., to enable the Branches to grant the fisheries loans for purchase of the assets viz., vallams, mechanised boats etc. No other security, other than the hypothecation of the assets to be acquired out of the Bank loans, is being asked by bank branches.
Necessary steps/mechanism are in place in Regional Offices /branches to ensure expeditious disposal of the fisheries loan application within 48 hours of receipt of the same from the sponsoring agencies. A senior officer in each Bank is personally monitoring the implementation of the scheme. The progress in implementation of the scheme is being closely monitored and reviewed by the Government to facilitate early resumption of livelihood activity of the Tsunami affected fishermen.
BSC/BY/GN-224/05
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