Cooperatives' A/C Must Be In Coop Bank Only

Cooperation Minister: New Coop Policy To Be Implemented Soon Across the country; Modi government is spending about Rs25 Billion for computerization of PACS

Union Minister for Home Affairs and Cooperation, Amit Shah inaugurates the new building of Surendranagar District Co-Op. Bank via video conferencing on December 29, 2023.

The new building of Surendranagar District Co-Op. Bank 

FinTech BizNews Service   

Mumbai, December 28, 2023: Union Home Minister and Minister of Cooperation Amit Shah unveiled the newly constructed building of Surendranagar District Cooperative Bank Limited through video conferencing today.

On this occasion, Shri Amit Shah said that today is a very important day for Surendranagar district as the state-of-the-art headquarters of Surendranagar District Cooperative Bank is being inaugurated. He said that just as Prime Minister Shri Narendra Modi has encouraged cooperatives, in the coming days this bank will fulfil all the responsibilities towards the cooperative societies of every area in Surendranagar district. Shri Shah said that the total cost of construction of this building is Rs 10 crore, in which a conference hall with a capacity of more than 100 people, provision of more than one thousand lockers and advanced golden lockers as well as complete computerized core banking facility will be available.

Union Home Minister and Minister of Cooperation said that with the formation of this bank in 1960, the rule of moneylenders started ending and then with the delivery of Narmada river-water by Shri Narendra Modi, the income of farmers increased and farmers moved towards scientific farming. He said that earlier farmers used to get loans at about 17-18 percent interest, which Modi ji reduced to 7 percent. He said that even before Shri Narendra Modi became the Prime Minister, interest-free loans up to Rs 3 lakh were started in Gujarat. Shri Shah said that today the annual profit of this bank has reached Rs 7 crore, its share capital of Rs 15 crore has become 34 crore, deposits of Rs 53 crore have reached 400 crore and KCC has increased from 226 crore to 448 crore. He said that Surendranagar District Bank has given loans to about 28 thousand farmers, out of which 19 thousand are small and marginal farmers, through more than 200 societies.

Shri Amit Shah said that it has been decided that two districts should be taken as pilot projects and such a system should be made that every co-operative institution has its bank account in the co-operative bank only. He said that with the initiative of Shri Narendra Modi, the Central Government has made plans to increase the number of Primary Agricultural Credit Societies (PACS). Shri Shah said that for many years the PACS were being closed and their number had reduced to 65000, but now the Modi government has decided to establish 2 lakh more PACS in the entire country in addition to these 65000. The Central Government is also spending about Rs 2,500 crore for their computerization. Shri Shah said that Modi ji has worked to make the bylaws of PACS uniform across the country. He said that till now the work of making 20 thousand new PACS has been completed and now PACS are also being made CSCs. Now PACS will also be able to run petrol and diesel pumps, fair price grain shops have also been arranged, fair price medicine shops have also been given to PACS and urea dealership is also being given to PACS.

Union Minister of Cooperative said that under the leadership of Prime Minister Modi, the new cooperative policy will soon be implemented in the entire country. Apart from this, this cooperative policy is coming with the vision of cooperative for the next 25 years to create infrastructure to run many schemes like the world's largest food grain storage scheme. He expressed confidence that in the coming years Gujarat will rank first in the country in the field of cooperation.



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