Yamunanagar, Haryana: The Bharatiya Kisan Union locked the branch of Punjab National Bank in Yamunanagar, protesting against loan recovery. The farmers gathered outside the Punjab National Bank at Vishwakarma Chowk in Yamunanagar city and have been protesting for the last two days. Farmers locked the bank’s main gate and raised slogans against the bank.
But why are farmers protesting?
A farmer named Mohan Singh, a resident of Jammu Colony, had taken a home loan of approximately 10 lakh rupees from Punjab National Bank. His son died, and his death has left the family in financial crisis. Both of Mohan Singh’s sons have passed away, leaving the family without a stable source of income. Bharatiya Kisan Union said that Mohan Singh is going through a financial crisis and does not have money to deposit in the loan account.
Despite this, he deposited around Rs 4.5 lakh in the bank, but now he is not in a position to repay the remaining amount. Farmers are demanding that his loan should be waived off and he should not be forced to deposit money.
Subhash Gurjar, district president of the Bharatiya Kisan Union, alleges that the bank is continuously pressuring them for recovery and repeatedly posting notices. Farmers say that if the bank management does not settle the loan on humanitarian grounds, they will intensify their agitation and even block roads.
Upon receiving news of the sudden protest and blockade outside the branch, the local police administration immediately arrived at the scene. Police officers held talks with officials of farmers’ organizations to calm the situation, but the protesters remained firm in their demands.
Does Bank have power to waive off loan?
Banks do not have the power to waive off a loan. If a customer does not deposit the loan EMI for 90 days, the loan account turns NPA. After the loan turns NPA, Banks file a case in court for recovery of the loan amount. The loan borrower has to face legal proceedings and pay the loan amount.
➡️ Click here to check PNB Home Loan EMI
