Press "Enter" to skip to content

Cooperative banks told to accept land surveyed for K-Rail as collateral for loans

Land is the most precious commodity in Kerala and those who have been staunchly protesting against Kerala government’s flagship project K-Rail know it better than any one.

Though a confusion still persists whether Kerala Government has dropped the K-Rail project or not, in a big relief to the people whose lands were surveyed for the project, the Cooperative Registrar in the state has directed all cooperative banks and its associates to accept the land surveyed for K-Rail as collateral if land owner approaches for pledging it.

The direction has been given after Cooperation Minister V N Vasavan promised to look into complaints that the banks were refusing to accept these lands as collateral. In the direction, the Registrar said the land that comes in the alignment of the proposed project can be taken as collateral for loans. The loan should not be denied on the grounds that it was surveyed for the project. However, it’s not confirmed whether nationalised banks and private banks will comply with the direction. Already, there are complaints that many banks had rejected the applications for pledging the said lands for loans.

Soon, a Cabinet meeting will be held to discuss the future course of the K-Rail project after the Union Government delayed final approval for the project.

Earlier, Minister Vasavan had said that the banks, which denied loans, were under the impression that survey stones were laid for acquiring land. He had clarified that the stones were laid for social impact study and the final alignment for the project will be fixed only after environmental impact study and survey.

He also promised that the government would pay four times the market price for the land which will be acquired for the project. The government was also considering to set up a mechanism as done in the case of Kochi Metro Project for speedy disbursal of money for the land acquired.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Special Olympics Victory of Kerala’s Handball Champion Kerala Youth Beats Cancer, Paralysis, Now Aims Cycling World Record Reduce stress, increase focus with this Zen practice How to create a living space that’s a source of joy 7 Herbs to Grow in Your Kitchen Garden Create a Happy Hygge Home with the Danish Concept of Comfort and Well-Being Discover 8 ways to unwind and enjoy the monsoon Why Krishna Teja is the People’s Collector 6 ways to lead a happy life, according to Swedish Lagom lifestyle Find your Ikigai and transform your outlook on life and business