Page 17 - Banking Finance December 2017

CO-OPERATIVE BANK NEWS

CO-OPERATIVE BANK

NEWS
NEWS
NEWS
NEWS
NEWS

7% interest on govt's Dehradun District Co-op Bank's 23rd branch

loan to BSCB Dr. K.S.Rana, Chairman, Dehradun District Cooperative Bank
recently inaugurated the bank's 23rd branch in Raiwala. "We
have opened our 23rd branch in Raiwala in Dehradun and
we are expected to achieve a business mix of about Rs. 1
crore in the first month. Earlier we had opened our 22nd
branch in Jolly Grant and opened 100 bank accounts of farm-
ers on the same day. We are also planning to open two more
branches in this financial year. We have demanded additional staff from the
government", he added.
It was also mentioned that under the Deen Dayal Upadhyay Krishi Kalyan Yojana,
loan of Rs 1 lakh @ 2% of interest rate was given to farmers for buying cattle,
Nitish Kumar, Bihar Chief Minister
agricultural inputs and other farming necessaries.
recently announced that the gov-
ernment would slash the interest
rate on its loan to the Bihar State MARKFED advanced Rs 40.22 cr for paddy procure-
Cooperative Bank (BSCB) by 2%, and ment: Gupta
asked the bank to pass on the ben- The Chhattisgarh State Co-operative Marketing Federation (MARKFED) has ad-
efit to the 8,463 Primary Agriculture vanced Rs 40.22 crore to Co-operative Central Banks for
Credit Societies (PACSs) operating in Co-operative Committees in about 1992 procurement
the state. centers for paddy purchase. He said that MARKFED is a
The state government currently nodal agency for paddy procurement from farmers.
gives loan to BSCB at the interest Radhakrishna Gupta, Chairman MARKFED said that 10
rate of 9% per annum. The BSCB, in Kisan rice mills in the State would also be modernized to increase their storage
turn, lends money to PACSs at the capacity. Gupta said that in the ongoing Kharif season, a target had been set to
interest rate of 11% per annum. store 6.5 lakh tonnes of chemical fertilizers.
"After the government slashes the On the other hand notably, five cities of Chhattisgarh now have the Core-PDS
interest rate by 2%, you should system implemented involving a total of 484 ration shops, officials informed. There
lower the interest rate on loans are 24 states in the country which have also achieved 100 per cent digitization
given to the PACSs to 8%," the CM of the PDS database.
said. Around 1,600 PACSs in the state About 90% of the masses are covered under Food and Nutrition Security Act as
have defaulted in repayments to the implemented in 2013. Chhattisgarh's PDS under Antyodaya and Priority families
BSCB, it may be mentioned. schemes provides 35 kg food grains at Re 1 per kilo.

BANKING FINANCE | DECEMBER | 2017 | 17

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