Regardless of dangerous farm loans, coop banks’ revenue up 100 occasions
Sangrur, April 21
Regardless of stiff resistance by state farmers in opposition to the restoration of loans coupled with the pandemic aftereffects, Punjab State Cooperative Financial institution Restricted (PSCB) and the District Central Cooperative Banks (DCCBs) have registered a progress of 10,537% in its annual revenue throughout 2021-22 as in comparison with 2020-21.
Efficiency to enhance additional
We’ve got set a goal to additional enhance the revenue through the present fiscal. Beneath the steerage of our senior officers, we’ll convey many more practical modifications within the working of the PSCB quickly. —Rajesh Dhiman, PSCB Managing Director
Throughout 2020-21, the PSCB and the DCCBs registered a revenue of Rs 70.99 lakh, which has jumped to Rs 75.51 crore on this fiscal. Authorities of the DCCBs had lowered the saving and glued deposit (FD) curiosity final yr, which led to the discount of the price of deposits. The authorities additionally gave FDs to small finance banks on the next fee of curiosity. Other than it, sources stated throughout Covid, the Nationwide Financial institution for Agriculture and Rural Growth (NABARD) had supplied particular liquidity facility amounting to Rs 850 crore on the 4.40% rate of interest. Nonetheless, of the entire curiosity, 2% subvention was additionally accessible and the efficient fee got here to 2.40%. The DCCBs have availed extra short-term agriculture restrict on the fee of curiosity of 5.05% to five.60% over the last fiscal.
Speaking to The Tribune, Cooperation and Finance Minister Harpal Cheema stated: “The consequences of the AAP authorities have began coming to the fore because the cooperative banks have registered a progress of 10,537% of their annual revenue. Now, different sectors may even see revenue within the coming time as we’re working arduous around the clock. The leaders of earlier governments didn’t work as they got here solely to rob the state and fill their very own pockets.”
Notably, the PSCB has complete 18 branches whereas the DCCBs have 802 and there are complete 3,544 Main Agriculture Cooperative societies (PACS) throughout Punjab. These banks give loans to the world residents for agriculture and non-agriculture functions to farmers and non-farmers too.