Appeasing farmers

Mamata Banerjee has called upon the cooperative banks not to confiscate the property of a farmer and put it on auction if he fails to repay his bank loan.She's also declared that she'd amend such legal provision enjoyed by banks.She's also added she'd file FIR against the bank which has issued notice to attach mortgaged property of defaulter farmers.As usual she's lambasted the Left Front govt for passing such anti farmer draconian law, although such a legal provision was in vogue much before the Left came to power.Perhaps, a series of suicides recently committed by debt trapped farmers in the state has prompted CM to make such a populist statement as a damage control measure.That apart,Panchayet election is not far off and now it's time to look after the rural vote bank.

A dispassionate review of CM's statement suggests it's not only populist but irrational also.It'll encourage the farmers not to repay loan even if they 're able to do so.It's as good as asking the banks to waive the debts of the farmers irrespective of their financial position.If the banks have to oblige CM, how would they run their institutions?A time would come when the cooperative banks would be compelled to roll down their shutters or refuse to sanction loans to the farmers for their own survival.As a result the farmers will have to approach the money lenders to take loan at an exorbitantly high rate of interest.So CM should think twice before making such a populist statement to appease the farmers with an eye to their vote bank.In fact,in doing so she'll do more harm than good to the farmers whose interest she's apparently going to vindicate.