January 5: The National Council members discussed rural agricultural credit schemes. Members said besides the Bhutan Development Finance Corporation (BDFC), other financial institutions should also provide rural loans to the farmers at low interest rates. The National Council also discussed the possibility of the BDFC waiving off the mortgage for farmers while availing loans.

The National Council member from Trashigang said BDFC offers numerous credit and loan schemes to the farmers but loans are of high interest and also requires mortgages. Sonam Kinga also said that BDFC is the only finance service provider to rural people as no other financial institutions have rural credit schemes. He added that with new commercial banks coming up, the banks will stress on profit making strategies which will mean that the chances of rural loan schemes on low interest is less.

Supporting the statement, the National Council representative of Lhuentse Rinzin said the government should look into setting up rural based banks that will benefit the farmers.

Jigme Rinzin, the National Council member of Pemagatshel said BDFC should not be the sole financial service provider to the farmers. He said the Royal Monetary Authority (RMA) and the Ministry of Finance should direct the commercial financial institutions to grant loans to the farmers.

Following the discussion, the National Council member from Trashigang put up a proposal stating that the RMA and the Finance Ministry should consider commercial banks to offer rural loans at low interest rates. The proposal also states that the BDFC should not claim mortgages from the farmers while availing loans.

The members supported the proposal and the house decided the proposal be put up to the Cabinet, the RMA and other related agencies.