Mamata Banerjee's stand may affect cooperative bank movement: CPI(M)

KOLKATA: The CPI(M) criticised West Bengal chief minister Mamata Banerjee's stance that mortgaged properties of farmers could not be attached by lenders, saying the move would hit the cooperative bank movement in the state.

"Instead of issuing such a threat, which is sure to hit cooperative banks, she should have urged the Centre to commute loans of farmers unable to repay so that the farmers are safe and cooperative banks do not have to suffer," Leader of the Opposition and CPI(M) leader Suryakanta Mishra told reporters here.

"No one would like the attachment of property of farmers for non-payment of loans, but at the same time it should also be kept in mind that the cooperative bank movement should not be compelled to die and farmers being left to the mercies of moneylenders," Mishra said.

"If the cooperative movement collapses, farmers will have to go to moneylenders and micro-finance institutions which charge high interest on loans," he added.

The Chief Minister had yesterday said that a law which allows attachment and auction of farmland in West Bengal for failure to repay loans would be amended soon.

She had blamed the former Left Front government for legislating the West Bengal Cooperative Societies Act, 2006, which allowed this, and said that it was anti-farmer and would be amended shortly.

Mishra said the Chief Minister instead should advise how best to strengthen the cooperative bank movement and help their growth in the state.

"It is amazing that the Chief Minister has mixed up the operations of banks, cooperative banks and functioning of the moneylenders," he said.