Khammam DCCB officials seize livestock of loan defaulter

The bank officials on March 31 told Lingaiah to clear the pending dues and he told the officials that he needs some time to pay the pending EMI dues of Rs 20, 000 as his financial condition was not good.

Khammam: The officials of Khammam District Co-operative Central Bank (DCCB) have seized livestock of a person who defaulted on payment of Mudra loan.

In the incident that took place at Gorila thanda of Kusumanchi mandal the bank officials seized two sheep of Daravath Lingaiah. He took a loan of Rs 50, 000 from the bank and paid Rs 2500 as EMI for the first 10 ten months but defaulted on EMI payment for the past eight months.

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The bank officials on March 31 told Lingaiah to clear the pending dues and he told the officials that he needs some time to pay the pending EMI dues of Rs 20, 000 as his financial condition was not good.

But the bank officials insisted on clearing the dues immediately and resulted in a heated argument among them. Later the bank officials went to Lingaiah’s house and took away his two sheep in a jeep. Then Lingaiah took a hand loan from a neighbour and paid Rs 10, 000 while giving a written undertaking on clearing the remaining dues at the earliest.