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Punjab State Cooperative Agricultural Development Bank gets new lease of life

Punjab State Cooperative Agricultural Development Bank gets new lease of life

CHANDIGARH: The Punjab State Cooperative Agricultural Development Bank (PADBs) today organized Credit Outreach programs in 57 PADBs across Punjab. Four PADBs of District Fatehgarh Sahib participated in the State Level Credit Outreach program 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 programs in their respective PADBs.

These programs aimed to disseminate information about the Bank’s loan schemes and sanctioning/disbursal of loans on a large scale to give impetus to the Bank’s loan disbursal program.

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

In the state level program 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 Cooperation model, 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 and requested him for financial assistance for the Bank .

Subsequently, NABARD sanctioned Rs. 750 crore as 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 installments on easier terms.

Under the Moratorium Scheme loan installments 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.

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