Regulations
RBI orders probe into alleged frauds in loans to farmers
Nagpur : The Reserve Bank of India (RBI) has ordered a probe into allegations of irregularities committed by public, private and foreign banks to claim achievements of targets in lending to farmers and the agro-sector, an official said on Friday.
 
The probe has been ordered following a detailed memorandum listing the alleged frauds, submitted by the Vasantrao Naik Sheti Swavalamban Mission (VNSSM), a state-run body, in December.
 
The finance ministry had forwarded the VNSSM complaint to the Chief Vigilance Officer of RBI after which the probe was initiated, said VNSSM President Kishore Tiwari, who enjoys the rank of a minister of state.
 
"It is shocking that due to failure of banks to implement the RBI Targeted schemes, farmers and agro-sectors are suffering and the country has witnessed lakhs of farmland suicides, including over 25,000 in Maharashtra alone, in the past decade," Tiwari said.
 
He said that as per RBI's guidelines, all banks in the country were given a specific target of lending 18 percent of Adjusted Net Bank Credit or credit equivalent of Off-Balance Sheet Exposure, whichever is higher, to the agro-sector and farmers.
 
However, a study by the VNSSM revealed the massive alleged irregularities and frauds perpetrated by the concerned banks merely to tom-tom achievements of targets and sub-targets, thereby defeating the purpose of benefiting the farmers and agro-priorities sectors, Tiwari said.
 
The modus operandi reportedly involved forming fictitious farmers' Joint Liabilities Groups with fraudulent documents in the name of the farmers. The disbursements of crores of rupees of agro-credits never reached them though the targets were shown as 'achieved'.
 
Similarly, paper-borne schemes of agro-finance against collaterals of agricultural lands of the farmers at subsidized interest rates were shown, but immediately the entire amounts were turned and put in fixed deposits at higher interest rates, Tiwari said.
 
"Hence, though it was shown as disbursed on paper, in reality the money never reached the farmers and while the banks 'enriched' themselves, the poor farmers resorted to suicide. This is virtually a white collar crime," he said.
 
Another paper-borne scheme pertains to Agro Warehousing Receipt finance through Urban Cooperative Socieites by way of Cash Credit against agro-produce, said to be stored in warehouses against which the societies claimed finance for farmers at low interest rates. Again the entire amount was converted into FDs and did not reach the famers, according to Tiwari.
 
The VNSSM listed other methods to defeat the agro-sector and farmers with big Cash Credits made available at low interest rates to corporate houses for their farming businesses to show achievement of targets.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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AoL given three weeks to deposit Rs.5 crore
New Delhi : The National Green Tribunal on Friday gave three weeks to Art of Living (AoL) to pay environmental compensation of Rs.5 crore for holding World Culture Festival on the Yamuna floodplains in Delhi.
 
The NGT held a hearing on Friday over implementation of its Wednesday's order.
 
AoL told the tribunal that it will abide by the ruling and sought four weeks to deposit Rs.5 crore. 
 
The tribunal said that the AoL should pay Rs.25 lakh on Friday and the balance in three weeks.
 
The AoL's three-day cultural extravaganza starts on Friday.
 
The organisers have already spent Rs.25.63 crore for the event. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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The great marriage escape produces mixed reactions (The Funny Side)
Wife: "The house is on fire! Get the kids out first!" Me (Stuffing "Star Wars" figurines collection into pockets): "I'm on it! Really soon! Almost immediately!"
 
Fortunately, it turned out to be a dream - or more accurately, a nightmare. No husband/father should ever be forced to make an impossible moral choice like that.
 
The challenges of being a family man were on my mind when I got to the office that same morning to find a reader had sent me an extraordinary news story on that topic.
 
Sixteen women in a single village went shopping one morning, and none of them came back. It is already being called The Great Marriage Escape. Some were pregnant.
 
That village main street is now full of dazed, stunned men trying to work out what happened to their lives - just like every other married man on Earth.
 
The strange tale started last year when a matchmaker turned up at Zhanzhi, a farm town in China's Fujian province, and said she had a supply of marriage-ready "plug-and-play" brides from Vietnam at just 60,000 yuan ($9,200) each.
 
Women are so rare in parts of China that males form obsessive relationships with badly drawn female anime characters. No, wait, that happens everywhere.
 
Anyway, one farmer said yes, was delivered a pleasant, charming woman, and started a stampede by lonely men clutching banknotes.
 
Zhanzhi village became the happiest, most romantic place on earth - until a chilly Tuesday in mid-February. The wives went out shopping and none returned. The matchmaker disappeared too. The longest marriage had lasted six months and the shortest three days.
 
The curious thing is that people to whom I showed the tale of the Great Marriage Escape had very different responses.
 
Married guy: "Why do some men have all the luck?"
 
Single guy: "Can this format be standardized for all marriages?"
 
Single woman: "Did the girls get to keep the money?"
 
The one married woman present just looked thoughtful and left the room quietly, possibly to make Group Escape Plans with her friends.
 
Not that everyone is so cynical about marriage. One female friend always says: "It's fine as long as women go into marriage thinking of it as a form of adoption, only you get a very large child."
 
I contacted the original source of the story, a China watcher in Beijing, to ask him to identify the signs of a society's wives planning to depart en masse. "In each case, the woman said she was going shopping that day for clothing and/or food," he said. "That's probably not very useful, is it?"
 
True. On the other hand, most married men I know hate it when women say "I'm popping out to do a little shopping", because we are misers, and now at least we have an additional reason to be suspicious of it.
 
A colleague has just pointed out that even the most shopping-phobic male in the world must at some time enter a retail establishment. Not necessarily. We might order everything through the internet, and even then, we only purchase vital household essentials, such as collectible "Star Wars" figurines.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Ramakrishna Annasamudram

9 months ago

This is irrelevant article as it may be a business(cheating) ploy right from the beginning.This article finding a place in Moneylife is more hilarious.I would expect such articles in TOILET tabloids :)

REPLY

MDT

In Reply to Ramakrishna Annasamudram 9 months ago

Thanks for your comment. There are two things... One this article is no written by Moneylife. And second, it is meant for lighter, funny reading on a weekend. No harm in reading the funny side, sometimes.

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