Chandigarh October 24:
The Co-operative Department, Punjab, has come out with a revolving cash credit scheme for debt-swapping and bringing farmers out of the clutches of private moneylenders.
This facility is available at much lower rate of interest for repaying the private money lenders. Approximately 14,165 farmers have availed themselves of the benefit under this scheme to the extent of Rs1,980 crore so far.
What’s more, playing a pivotal role in encouraging and providing the facility for education, the Cooperative Department has come forward with a scheme in which the banks provide education loans up to Rs 10 lakh for studies in India or abroad at a nominal rate of nine per cent without any margin money. This loan is to be repaid after completion of the course.
Also loan to the children of dalits, poor families and backward classes is available at 7.2 per cent under the Cooperative Education Loan scheme up to Rs 10 lakh repayable over five years. Punjab Co-operation Minister Capt Kanwaljit Singh said, “With a vision to evolving the cooperative societies into major service providers as well as reducing production costs we have endeavored that these societies should become consumer hubs giving a major thrust and a boost to rural economy.”
Several initiatives have been taken to improve, revamp and boost the economic condition of rural Punjab, Kanwaljit added. “Admittedly, the pertinent issue faced by us today is the slow economic growth which directly affects the economy of the State leading to unemployment and putting State finance under stress. It is in this context that we have planned and tried to evolve policies in the Cooperative Department which will endeavor to put the State’s economic growth on a fast track,” the minister said.
The agriculture sector contributes Rs 2,000 crore to the State revenue while industry and trade together generate a revenue of Rs 700 crore. Thus agriculture is the larger contributor to the State exchequer but alas “Punjab’s farmers are facing a crisis in form of ever increasing indebtness, increasing inputs and shrinking farm sizes”. Kanwaljit remarked.
The biggest dilemma facing the farmers is indebtedness and to rescue the agriculture community from the clutches of private money lenders, the Punjab State Cooperative Bank has been advancing short-term credit in the form of crop loans to the farmers through the network of its branches in villages and Primary Agriculture Cooperative Societies.
The Co-operative Department, Punjab, has come out with a revolving cash credit scheme for debt-swapping and bringing farmers out of the clutches of private moneylenders.
This facility is available at much lower rate of interest for repaying the private money lenders. Approximately 14,165 farmers have availed themselves of the benefit under this scheme to the extent of Rs1,980 crore so far.
What’s more, playing a pivotal role in encouraging and providing the facility for education, the Cooperative Department has come forward with a scheme in which the banks provide education loans up to Rs 10 lakh for studies in India or abroad at a nominal rate of nine per cent without any margin money. This loan is to be repaid after completion of the course.
Also loan to the children of dalits, poor families and backward classes is available at 7.2 per cent under the Cooperative Education Loan scheme up to Rs 10 lakh repayable over five years. Punjab Co-operation Minister Capt Kanwaljit Singh said, “With a vision to evolving the cooperative societies into major service providers as well as reducing production costs we have endeavored that these societies should become consumer hubs giving a major thrust and a boost to rural economy.”
Several initiatives have been taken to improve, revamp and boost the economic condition of rural Punjab, Kanwaljit added. “Admittedly, the pertinent issue faced by us today is the slow economic growth which directly affects the economy of the State leading to unemployment and putting State finance under stress. It is in this context that we have planned and tried to evolve policies in the Cooperative Department which will endeavor to put the State’s economic growth on a fast track,” the minister said.
The agriculture sector contributes Rs 2,000 crore to the State revenue while industry and trade together generate a revenue of Rs 700 crore. Thus agriculture is the larger contributor to the State exchequer but alas “Punjab’s farmers are facing a crisis in form of ever increasing indebtness, increasing inputs and shrinking farm sizes”. Kanwaljit remarked.
The biggest dilemma facing the farmers is indebtedness and to rescue the agriculture community from the clutches of private money lenders, the Punjab State Cooperative Bank has been advancing short-term credit in the form of crop loans to the farmers through the network of its branches in villages and Primary Agriculture Cooperative Societies.
