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TMI BlogFarmers holding Class 2 land can take loan against it from banks: MinisterX X X X Extracts X X X X X X X X Extracts X X X X ..... Farmers holding Class 2 land can take loan against it from banks: Minister X X X X Extracts X X X X X X X X Extracts X X X X ..... ning Class 2 land often faced difficulties in availing loans due to restrictions on mortgaging such lands. The revenue department has now issued a fresh memorandum, allowing banks to accept these lands as mortgage." The decision was made after officials of the Satara District Central Co-operative Bank raised the issue during a meeting on March 11, he said. "This decision will now come into effect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... across the state, allowing all farmers holding Class 2 land to mortgage it for loans," Bawankule said. The minister noted that a similar circular was issued in 1990, and the department has now re-issued it as a reminder to address ongoing concerns. "District central banks and nationalised banks will now be able to accept Class 2 land as collateral," he said. Earlier, banks used to hesitate in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... offering loan against such a land as in case of loan default, they could not enforce the mortgage due to legal limitations on Class 2 land. As a result, many farmers were denied credit, Bawankule said.
The reminder circular has been sent to all divisional commissioners and district collectors to ensure uniform implementation, he added. PTI ND NP X X X X Extracts X X X X X X X X Extracts X X X X
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