Releasing additional financial assistance of Rs 85 crore to bring the Punjab State Cooperative Agriculture Development Bank Limited out of crisis, Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema said here today that the Punjab Government under the leadership of Chief Minister Bhagwant Mann Farmers now to get 798 crore assistance.
Summarizing this through a press statement issued here, Finance Minister Harpal Singh Cheema said that the Punjab State Cooperative Agriculture Development Bank was stuck in the quagmire of financial crisis due to the neglect of the farmers towards this bank by the previous governments of Punjab.
He said that a financial assistance of Rs 85 crore has been given by this cooperative bank to NABARD to pay the installment.
Bank would have become a defaulter of NABARD
He said that due to non-payment of the due installment of Rs 120.91 crore due to NABARD by 31st January 2023, the bank would have become a defaulter of NABARD and in this case the bank would have stopped getting refinance from NABARD in future.
Giving details about the assistance provided by the Punjab government under the leadership of Chief Minister Bhagwant Mann to this cooperative bank so far, the finance minister said that earlier on May 26 last year, the government had provided Rs. 100 crores for loan installments and pensions.
Cooperative Agriculture Development Bank is facing this crisis only because the previous governments
Financial assistance of Rs 62.67 crore on April 28 and Rs 125.33 crore on September 21 has been provided for payment of arrears. He said that the Cooperative Agriculture Development Bank is facing this crisis only because the previous governments did not make sufficient efforts to recover the loans provided by this bank.
Finance Minister Harpal Singh Cheema said that the Punjab government under the leadership of Chief Minister Bhagwant Mann is committed to revive this bank for the welfare of farmers and agriculturists. He said that this bank is playing an important role in giving loans to farmers in easy installments for the development of agriculture. He also appealed to the borrowers of this bank to make efforts to repay their loan 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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