PUNJAB STATE COOPERATIVE AGRICULTURAL DEVELOPMENT BANK GETS NEW LEASE OF LIFE

PUNJAB STATE COOPERATIVE AGRICULTURAL DEVELOPMENT BANK GETS NEW LEASE OF LIFE

LOANS WORTH RS. 11 CRORE SANCTIONED AND LOAN CHEQUES TO THE TUNE OF RS. 9 CRORE DISBURSED

COOPERATIVE AND JAILS SUKHJINDER SINGH RANDHAWA ATTENDS STATE LEVEL FUNCTION

Fatehgarh Sahib, September 15:

The Punjab State Cooperative Agricultural Development Bank (PADBs) todaycorganized Credit Outreach programmes in 57 PADBs across Punjab. Four PADBs of District Fatehgarh Sahib participated in the State Level Credit Outreach programme at Sirhind. Apart from these PADBs, 21 PADBs of Patiala Division, 25 PADBs of Jalandhar Division and 7 PADBs of Ferozepur Division organized the Credit Outreach programmes in their respective PADBs.

The aim of these programmes was to disseminate information about Bank’s loan schemes and sanctioning/disbursal of loans on a large scale so as to give impetusto Bank’s loan disbursal programme.

In this state level programme
organized at Sirhind, S. Sukhjinder Singh Randhawa, Cooperation and Jails Minister Punjab was the chief guest. Also present on this occasion were S.Kuljit Singh Nagra(Officiating Head, Punjab Congress and MLA Fatehgarh Sahib), S. Kaka Randeep Singh(MLA, Amioh), S. Gurpreet Singh(MLA, Bassi Pathana), Sh. Vikas Garg, IAS (RCS,Punjab), Sh. H.K. Sablania (GM, NABARD),Sh. Kamaldeep Singh(Chairman, SADB), Sh. Rajiv Kumar Gupta, IAS(MD, SADB), S. Jasmeet Singh(Director, SADB), Smt. Surbhi Malik, IAS(DC, Fatehgarh Sahib), Sh. Rajesh Dhiman, 1AS(ADC(G)Fatehgarh Sahib), Dr. Sanjeev Kumar, PCS(SDM, Fatehgarh Sahib), Sh. Jatinderpal Singh(Joint Registrar, Patiala Division),Sh. Abhitesh Singh Sandhoo(Deputy Registrar, Fatehgarh Sahib), Sh. Subhash Sood(District Congress President), Local Administrative Officials and Bank officials.

In the state level programme organized at Sirhind, 23 beneficiaries were sanctioned loans amounting to around Rs. 0.96 crore and 7 beneficiaries were disbursed cheques amounting to about Rs. 0.21 crore. As many as 78 Good Paymasters were also felicitated in this programme. The 225 beneficiaries were sanctioned loans amounting to around Rs.12 crore and 263 beneficiaries were disbursed cheques amounting to about Rs. 9 crore by all PADBs in State of Punjab.

The Cooperation and Jails Minister, Punjab stated that Cooperation Department and Cooperative institutions have played a vital role in ushering prosperity and economic development in the Rural areas. Markfed, Milkfed, Sugarfed, Cooperative
Bank and Cooperative Agricultural Development Bank are the pillars of the Cooperative Department.

Emphasizing on the Cooperatikn model, the Cooperation means helping each other to achieve a common goal. Since times memorial the Cooperation Department has been helping the farmers and is committed to improve their economic status and prosperity. Agriculture and its allied activities are the foundation of the Cooperative Movement.

He further stated that he took up the charge of Cooperation Department in the year 2018 and his main aim has been to lead the Cooperative Institutions to the path of success. At that time Bank had borrowed around Rs. 400 crore from various financial institutions at higher rates of interest. The PADBs did not have any funds for disbursal. He met Dr. G.R. Chintala, Chairman NABARD in Mumbai in November 2 0 2 0 a n d
r e q u e s t e d h i m for financial
a s s i s t a n c e f o r t h e B a n k .

Subsequently, NABARD sanctioned Rs. 750 c r o r e a s financial assistance to the Bank o n lower rates of interest, out of which Rs. 400 crore was utilized by Bank to repay the high cost borrowings and Rs. 100 crore was made available to the PADBs for
disbursement.

Bank has launched various schemes for the assistance of farmers like Moratorium, Loan Restructuring, Penal Interest waiver etc, so that they may be able to repay their instalments on easier terms.
Under the Moratorium Scheme loan instalments of 5800 beneficiaries
amounting to Rs. 80.75 crore were deferred by six months. Under the Loan
Restructuring scheme, loans of more than 1500 beneficiaries amounting to Rs. 8747 crore were restructured. Similarily more than 8300 beneficiaries have availed relief
amounting to Rs. 3.15 crore under the Penal Interest Waiver scheme.

Apart from this, Punjab State Cooperative Bank has also launched various schemes like Loan waiver and One Time Settlement for the betterment of landless farmers, farm labourers and borrowers which has resulted in relief of Rs.2848.19 crore to them.