160CR Allocated for Upgrading Cooperative Banks
Punjab Newsline, Chandigarh, December 29-
Under the leadership of CM Bhagwant Singh Mann, the Punjab Govt has taken significant steps in 2024 to strengthen the cooperative sector. These initiatives include providing loan relief to defaulter borrowers, upgrading cooperative banks, addressing storage issues through new warehouse construction, and supporting Punjab’s cultural heritage.
A spokesperson for the Chief Minister’s Office stated that the CM, who also looking after the Cooperation Department, introduced a One-Time Settlement (OTS) scheme for defaulter borrowers of cooperative banks in 2023. Under this scheme, loan relief of 368 crore has been provided to 8,453 defaulters during the financial year 2024-25, with a resolution of loans amounting to 150 crore. The scheme will remain operational until February 28, 2025. Punjab has a vast network of 20 Central Cooperative Banks with 803 branches linked to 3,523 Primary Agriculture Societies, supporting over 10.45 lakh farmers. To enhance services, Punjab State Cooperative Bank and Central Cooperative Banks are being upgraded at a cost of 160 crore, with the project expected to be completed by June 30, 2025.