Karnataka govt to waive interest on overdue loans of district cooperative banks: CM Siddaramaiah
Bengaluru: The Karnataka government has decided to waive interest on medium and long-term overdue loans of District Cooperative Central and Primary Cooperative Agriculture and Rural Development banks, Chief Minister Siddaramaiah said on Friday, claiming that it would benefit more than 57,000 farmers.
Presenting the 2024-25 budget in the Assembly, he said an Agriculture Development Authority will be created under the chairmanship of the Chief Minister to facilitate effective implementation of policies related to agriculture and allied activities.
"Our government has decided to waive off interest on medium and long-term overdue loans of DCC and Primary Cooperative Agriculture and Rural Development (PICARD) banks. This will benefit more than 57,000 farmers. As a result of this scheme, the DCC/ PICARD banks will be able to recover loans to the tune of Rs.496 crore," Siddaramaiah said.
He said the government will provide ₹450 crore financial assistance by way of compensation to the banks under the scheme. "This decision will bring about a considerable improvement in the financial condition of these banks," the chief minister said.
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Siddaramaiah said that in 2023-24 it was decided to extend the loan limit for interest-free short term loan from ₹3 lakh to ₹5 lakh and, similarly, the upper limit for medium and long-term loans, which are provided at a subsidised interest rate of 3 per cent, was raised from ₹10 lakh to 15 lakh.
In the current year, the targeted lending through the cooperative sector is ₹27,000 crore, he said, adding that this would benefit more than 36 lakh farmers in the state.
To encourage integrated agriculture, various schemes related to the agricultural sector will be consolidated and a new scheme called 'Karnataka Raitha Samruddhi Yojane' will be started from this year, the chief minister said.
A new programme "Namma Millet" will be started, under which processed millets and value-added millets will be made available at affordable prices, he added.
To promote sustainable agriculture in drought-affected and rain-fed areas of the state and to aid soil and water conservation, 5,000 water bodies will be created over a period of five years, the chief minister said.
To promote processing, value addition and export of agricultural and horticultural produce, food parks will be established near airports under Public-Private Partnership, Siddaramaiah said.
In the current year, these food parks will be established at Sogane in Shivamogga district, Ittangihala in Vijayapura District and Pujenahalli village in Bengaluru rural district, he informed in the Assembly.
"Kisan Malls" will be opened in select districts to provide farmers with horticulture related technical guidance, market connectivity, farm implements and agro products under one roof, he said.
Floriculture is practised in 40,000 hectares of land in the State, Siddaramaiah said. To promote sales and exports of floricultural crops, a well-equipped commercial floriculture market of international standards will be set up in Bengaluru city under Public-Private Partnership, he added.
A "Spice Park" will be developed in Chikkamagaluru district under public-private partnership to encourage spice growing farmers and promote export of spices, he added.
To encourage dairy farming among women, six per cent interest subsidy will be provided on the condition of timely repayment of the loan availed for buying cow/ buffalo, the chief minister announced.
For the prevention of atrocities on nomadic shepherds and their properties, an Act will be enacted, he said. The government also plans to invest ₹3,000 crore in the coming years for all-round development of the fisheries sector, Siddaramaiah said. For emergency evacuation of fishermen in the event of health emergencies and accidents, the State's first sea ambulance will be introduced at a cost of ₹seven crore, the chief minister said. The government appreciates the Central Government's decision to recognise the contribution of M S Swaminathan in the field of agriculture by awarding him with the Bharat Ratna title, he said.
"In the same spirit, we will request the Central Government to calculate MSP based on the formula of cost of cultivation plus 50 per cent profit as recommended by the Swaminathan Committee."
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Delhi Police busts Rs 300 crore international cyber fraud syndicate, arrests mastermind
New Delhi (PTI): The Delhi Police has busted a major international cyber fraud syndicate -- linked with over 2,000 complaints and scams worth over Rs 300 crore -- with the arrest of its alleged mastermind and 10 others, an official said on Sunday.
During the investigation, police uncovered a well-organised network operating across multiple states with links to international cyber fraud syndicates, particularly in Cambodia.
"We have so far identified over 260 bank accounts linked to more than 100 fictitious companies used to channel the proceeds of crime. The total number of complaints linked to the syndicate stands at 2,567," police said.
The key accused, Karan Kajaria, was apprehended at Kolkata airport on April 3 after a Look Out Circular was issued against him. He was brought to Delhi a day later for further investigation, Deputy Commissioner of Police (Crime Branch) Aditya Gautam said.
The case came to light following a complaint by a city resident, Sultan, who alleged that he was duped of Rs 31.45 lakh after being lured into an investment scheme.
Police said the victim was persuaded to download a fake trading application and invest money with promises of high returns. However, when he attempted to withdraw the profits, the application stopped functioning, and the group became inaccessible.
"An FIR was registered at the cyber police station in northeast and later transferred to the crime branch for a detailed probe," the officer said.
The syndicate created fake investment platforms and messaging groups to lure victims. They used mule bank accounts arranged through intermediaries and deployed malicious applications to capture sensitive banking details, including OTPs. Funds collected from victims were routed through a complex web of bank accounts and shell companies to conceal the trail, police said.
"Kajaria, who is believed to be the main coordinator, maintained direct links with foreign-based operators and facilitated the movement of funds through cryptocurrency channels,' the DCP said.
He acted as a bridge between Indian operatives and international cyber criminals. He was also involved in procuring mule bank accounts and sharing sensitive banking details via encrypted social media platforms, the DCP added.
Police said Kajaria frequently travelled abroad to establish and strengthen links with overseas fraud networks and had attempted to evade arrest by staying outside India.
Technical surveillance helped investigators trace the network to Kolkata, where several bank accounts and shell entities were found to be operating. Upon his arrival in India, Kajaria was intercepted at the airport and taken into custody.
During interrogation, he allegedly confessed to his involvement in the syndicate, police said, adding that accounts linked to his network were associated with more than 2,500 complaints registered on the National Cybercrime Reporting Portal and fraud of Rs 300 crore, the DCP said.
The investigation revealed that the syndicate had been active for the past four to five years and operated on a large scale across multiple states.
During the crackdown, police recovered 48 mobile phones, 258 SIM cards, multiple ATM cards and cheque books, four laptops, and several banking and KYC documents. Funds amounting to Rs 19 lakh have also been frozen. A total of 11 accused have been arrested in the case so far, police said, adding that further investigation is underway to identify other members of the syndicate.
