COOP BANKS TO GIVE ₹12,500CR AS CROP LOAN TO FARMERS

The Punjab State Cooperative Bank has decided to give ₹12,500 crore as crop loan to nine lakh farmers in the state before sowing of paddy and other kharif crops.

Announcing this on Tuesday, bank chairman VK Singh said the bank would cover 75% of the total farmers in state who fall in small and marginal categories. The bank’s announcement came at a time when farmers owe ₹5,300 crore to banks.

Singh said directions have been issued to the central cooperative banks to broad base its loan portfolio to increase its profitability and design it in such a manner so that maximum financial benefits should reach to the poorest of the poor farmers.

Reviewing the annual performance analysis of state cooperative banks, Singh, who is financial commissioner, cooperation, said the business of the banks should not be curtailed and loaning services must be provided to the needy farmers in a transparent manner.