Syndicate coercing farmers into taking out expensive loans, asserts CAB leader
The Consumers Association of Bangladesh (CAB) has unveiled its annual plan, aiming to build a more consumer-friendly market system, particularly focusing on the agricultural sector. The announcement was made at a press conference titled "CAB's Activity Briefing", held at Dhaka Reporters Unity (DRU).
President of CAB, AHM Shafiquzzaman, used the platform to make allegations regarding the low-interest loan schemes introduced by Bangladesh Bank for farmers. According to Shafiquzzaman, a big question remains whether marginal farmers are actually receiving the benefits of these low-interest loans. He further alleged that farmers are being forced to borrow money at high interest rates, and large syndicates have emerged around the low-interest loan scheme.
The CAB plans to work actively to break these syndicates and ensure fair benefits for farmers. To achieve this, the organisation intends to involve relevant government authorities, financial institutions, and the judiciary system extensively in its annual plan. The CAB's role is not to enforce the law, but to identify irregularities, advise these authorities, make policy recommendations, and file writ petitions with the High Court when necessary, in matters of public interest.
This year, Tk30,000 crore has been allocated as low-interest loans for farmers. However, Shafiquzzaman expressed concern that only a small number of farmers are benefiting from these schemes. To address this issue, the CAB's annual plan includes both online and offline initiatives to raise consumer awareness.
In conclusion, the Consumers Association of Bangladesh is committed to building a more consumer-friendly market system, particularly in the agricultural sector, and has vowed to tackle syndicates around agricultural loans to ensure fair benefits for farmers.
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