Punjab Cooperative Banks to introduce settlement scheme

Chandigarh, June 29 (UNI) The State Cooperative Banks in Punjab are going to introduce a one time settlement scheme very shortly for the benefit of farmers especially the small and marginal ones, Cooperatives minister Jasjit Singh Randhawa today said.

Without going into details of the scheme the minister said fresh loans would be advanced to such farmers after the settlement of their dues.

He further stated that the Kisan Credit Card scheme launched by the state government was also being simplified. About 8.12 lakh farmers of the state were issued these credit cards till March 31 this year.

Mr Randhawa said the State Cooperative Banks had provided agricultural loans amounting to Rs 6834.88 crore during the last financial year. He said the banks had reduced their interest rates on agriculture loans from 14.50 per cent to nine per cent during the past four years.

The Punjab State Cooperative Bank had earned profit to the tune of Rs 102.51 crore during the last financial year, he added.

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