Rs 798-cr aid to bailout Cooperative Agriculture Development Bank in Punjab
CHANDIGARH: Releasing another financial assistance of Rs 85 crore to bailout the Punjab State Cooperative Agriculture Development Bank Limited, Pnjab finance minister Harpal Singh Cheema on Monday said that Punjab government had so far extended aid of Rs 798 crore to help the bank.
Cheema said the coorperative bank was stuck in the quagmire of financial crisis due to the neglect of this bank by the previous state governments.
He said that the financial assistance will help the bank pay the due instalment to NABARD.
He said that in case of non-payment fo the due instalment of Rs 120.91 crore to NABARD by January 31, the bank would have become a defaulter of NABARD and it would fail to get refinance from NABARD in future.
He said that the government had provided Rs 425 crore on May 26,2022,f to repay bullet loan of NABARD, Rs 100 crore to repay loan instalment due to July 31,2022, besides providing Rs 62.67 crore on April 28 and Rs 125.33 crore on September 21,2022, to pay pension and pension arrears.
He alleged that the Cooperative Agriculture Development Bank has been facing this crisis only because tha previous governments did not make sufficient efforts to recover the loans provided by this bank.
The finance minister said the bank has been playing an important role in providing easy loans to farmers to ensure the development of the agriculture sector.
He also appealed to the borrowers to make honest efforts to repay their loans as soon as possible because the existence of this bank is very important to provide easy loans to people like them.
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