Vellore bank chief pitches for relaxation of lending norms

Revealing this to DT Next Ramu said, “we plan to talk to top officials in Chennai as at present stiff conditions for such lending will not attract entrepreneurs who plan to participate in restarting the economy.”

The move comes after Ramu was briefed about a way to undertake this by allowing existing or new industrialists manufacture agricultural implements like weeders, hawkers, tillers, grass cutters and sprayers.

Reiterating this, Vellore district president of the Tamil Nadu Farmers Association K Raja said, “farmers in the recent past were given Chinese made implements which are ‘use and throw’ models. There were no service centers for them in integrated Vellore district. There are many cases where such machines malfunctioned after working for a short time due to which farmers were saddled with loans for non-functioning equipment.” Vellore Consumer Federation president K Sathiyamoorthy said, “this is a good chance to invite local entrepreneurs to manufacture such machinery. In addition to service outlets being available for such machinery it will provide a leg up to industries, provide locals employment, help farmers and simultaneously endorse Prime Minister Narendra Modi’s Make in India initiative.”

“It is this that the VCCB plans to capitalise on,” Ramu said and added that if the government gives the go ahead “it will benefit both the bank and the locals.”

Elaborating the chairman said, “even if the Chinese can provide the same equipment again, it will cost more due to their economy being affected by the pandemic and hence it makes sense to manufacture such equipment locally.”

When asked, Ranipet District Tiny and Small Scale Industries Association president R Amirthakatesan said, “I wrote to various officials in Chennai six months ago requesting permission to manufacture such agricultural equipment locally, but not even one bothered to reply.” Stating that the association had the technical skill and manpower to undertake such work he accepted that getting the green signal will boost local economy,” he added.