The State Government is determined and moving ahead to take concrete steps as regard to financial strengthening of state cooperative banks. Number of eligible farmers has become 69 lakh in the credit cooperative societies.
Credit Cooperative societies also have mobile numbers of 23 lakh farmers. Share capital of the bank has increased from 471 crore to 515.81 crore. This information was given by the Administrator of Madhya Pradesh Rajya Sahkari Bank Manish Shrivastva during the annual general meeting of the bank. Managing Director of the bank Pradeep Neekhra was present on the occasion.
Manish Shrivastava said that a well planned policy is being prepared by the State Government to strengthen co-operative banks. A wide change will be made in the present structure of APEX bank and top co-operative institutions. He informed that two day manthan programme was organized to prepare action plan under the leadership of Cooperative Minister (Independent Charge) Vishwas Sarang recently. Moreover, a report has been prepared on the basis of intensive deliberations on important points related to cooperatives, which will be implemented within the stipulated time.
Shrivastava informed that remarkable increase has been registered in bank resources by planned efforts made at the highest level of the bank. Share capital of the bank which was Rs 471.75 crore in 2014-15 has reached Rs 515.81 crore in 2015-16. An increase of 9.34 per cent has been registered in this duration. Similarly, an increase of 66.41 per cent has been registered in reserve fund of the bank. Reserve fund of the bank has reached Rs 980.93 crore from Rs 589.47 crore; this is 11.52 per cent increase.
In order to make agriculture a profitable occupation, loans on zero percent interest rate have been provided to the farmers. As per the Chief Minister’s directives short term loans worth Rs 5000 crore were converted to medium term loans, which benefitted 10.43 lakh farmers. Shrivsatava informed that for this the State Government has provide guarantee of Rs 3000 crore to the bank. This is the highest amount for term conversion in any single year since the inception of the bank. Similarly, Rs 359.68 crore 68 lakh was given to the banks towards interest subsidy of short term agriculture loan in the year 2015-16. This is also the highest amount received from the State Government in
any one year.