Punjab Cooperative bank advancs Rs 596 crore agricultural loans

Chandigarh May 29 (UNI) The Punjab State Cooperative Agriculture Development Bank advanced loans to the tune of Rs 595 crore during the last financial year to farmers in the state, Cooperatives and Horticulture Minister Jasjit Singh Randhawa said today.

He said the loan target of the bank for this fiscal year had been fixed as Rs 700 crore.

He said the Bank, through its 87 branches of Primary Cooperative Agriculture Development Bank, were providing long-term loans and non farm sector loans. He said the Bank had earned profit to the tune of Rs 28.67 crore during the last financial year.

He said the Bank had reduced its interest rate on loans to 3.5 per cent during the past four years. Besides this, the bank also offers an incentives of 1.5 per cent in the interest rate to those who are regular in repayment of loan.

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