Cooperative Bank loan to farmers in Haryana enhanced

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Chandigarh, Nov 27 (UNI) Haryana State Cooperative Apex Bank Ltd today said it has increased the maximum credit limit of good pay masters from Rs one lakh to Rs 1.50 lakh.

While stating this here, a spokesman of the Bank said that this credit limit has been enhanced in case of crop loans.

He said that a target has been fixed to advance crop loans amounting to Rs 2,760 crore during Rabi 2008-09. It would include Rs 2,550 crore as cash and remaining in kind.

He said that the Central Cooperative Banks have advanced loans amounting to Rs 20,133 crore from March 2005 to August 2008. The Government had already reduced the rate of interest on crop loans from 11 to seven per cent to benefit the farming community, he added.

He said that the Haryana Cooperative Societies Act, 1984 has been amended by deleting provisions of coercive methods of recoveries as arrears of land revenue under Section 104.

The revolving cash credit limit has also been increased from 75 per cent to 90 per cent to provide more flexibility to the farmers for purchasing inputs to raise crops.

He said that under the Debt Waiver and Debt Relief Scheme-2008 of the Central Government, Rs 827.19 crore had been waived off, thus, benefitting over 2.60 lakh marginal and small farmers of Haryana and an additional relief of Rs 343.16 crore had also been given to more than two lakh big farmers in the State.

He said that a relief of two per cent had been provided to the members of cooperative societies under Timely Payment Incentive Scheme. This incentive was admissible to those who had repaid their loans regularly in the past. This decision had benefitted over 6.42 lakh farmers to the tune of Rs. 23.42 crore.

He said that under Recovery Linked Incentive Scheme for members of PACS implemented by Central Cooperative Banks, an interest relief of Rs 177.74 crore had been provided to more than 2.58 lakh farmers in the State.

UNI HS MP HS1923

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