Sat Jan 11 03:41:03 UTC 2025: ## Equitas Bank Clarifies Foreclosure of Farmer’s Home in Belagavi
**Belagavi, January 11, 2025** – Equitas Small Finance Bank has issued a statement clarifying its actions in the recent foreclosure of a farmer’s home in Naganur village, Belagavi district. The bank insists that the seizure, which left seven family members, including an infant, homeless overnight, was conducted following a court order due to the farmer’s alleged loan default.
Farmer Saidappa Gadadi claims to have repaid Rs 3.16 lakh of a Rs 5 lakh loan and resumed payments after a period of financial hardship caused by cattle deaths. He alleges that the banking correspondent misappropriated some of his installments. Gadadi also stated that the bank refused his requests for a one-time settlement, a claim the bank denies.
Equitas acknowledges the distress caused to the family and expresses regret for the inconvenience. The bank’s statement explains that the account has been non-performing for 18 months and that the farmer did not respond to the bank’s attempts at settlement, which included potential interest and principal waivers. The bank maintains that it pursued legal action after all other avenues failed, resulting in the court-ordered seizure of the mortgaged property. The bank says it will be contacting the farmer to discuss options while ensuring fulfillment of his financial obligations.
First Piper 